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Former
SnapNames
VP Nelson Brady
created
a world of trouble for his company and himself
when he was caught shill bidding (under the
pseudonym Halvarez) in company auctions
one year ago. SnapNames fired Brady and parent
company Oversee.net filed a multi-million
dollar lawsuit against him. Meanwhile a
group of affected customers joined a class
action lawsuit that was filed against
SnapNames and Oversee.net.
Today
Oversee announced settlements in both of
those lawsuits that it hopes will put the
episode behind them once and for all. In the
class action suit
the
company said the settlement terms and amounts to
be paid our are identical to the amounts
affected bidders were offered in a rebate offer
Oversee extended in November 2009, so those
hoping to get more from the class action will be
disappointed. More on that settlement can be
found here.
Terms
of the settlement in the $33 million suit
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Former
SnapNames VP Nelson Brady
("Halvarez") was sued after shill
bidding
activity was uncovered at SnapNames. |
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filed
again Brady were not disclosed but the company
released a statement saying, "Oversee
believes the financial penalty is appropriate considering
the seriousness of the improper activity."
Some hoped to see Brady face criminal charges as
well as the civil suit to send a strong message on
this kind of fraudulent activity but the
settlements and compensation to customers will
close the door on that possibility.
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Mike
"Zappy" Zapolin speaking at
T.R.A.F.F.I.C. Miami last week. |
One other
note today - Mike "Zappy" Zapolin
of the Internet
Real Estate Group (that was
profiled in our Sept. 2005 Cover
Story) was one of the speakers
at T.R.A.F.F.I.C. Miami last week.
Just before the show Zapolin, who authored
a book about domain investing called Internet
Warrior, released an informative 10-minute
video to spread the word about
how a good domain name can turbocharge
a business as well as provide great
investment opportunities for
entrepreneurs.
In the video
Zapolin provides tips on acquiring,
developing and selling domain names.
Several other well-known figures are also
featured in the video including John
Ferber (Advertising.com |
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founder), Jeff
Taylor ( Monster.com Founder), Deepak
Chopra and Mike Milken. It is a
nice piece not only to learn from yourself
but to also forward to friends and acquaintances
who want to know more about domains and
why you spend so much of your time focused
on them! |
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