A link to a VERY interesting blog post.
It seems that iReit bought a portfolio of domains from "halvarez" in 2006 - the article quotes:
Kjel, since you are watching the thread, do you care to say anything on the matter?
I doubt they'll go under. Anyone want to place a gentleman's wager on that? I still hit ROI on the drops I picked up from them, despite some of the shills, and I still haven't yanked my huge order list. I don't intend to stop doing business with them, why? If a domain is a deal, I buy it. If it's shilled up and crosses my interest level, I don't buy it.
Bonkers is real. I sold me two letter .coms in the past to him. He works for domain capital.
All it takes is one lawsuit and they go under. I would even bet you that oversee knows that there will no snapnames going forward. However, they made a bad investment and have to live with it but not at the expense of the parent company. They have 2 choices, remedy what they can and then fold this....or get themselves entangled in this mess by fighting it on behalf of snapnames. They are smart to know that you dont want to get your entire company entangled in this, and they will not allow it. If and when Oversee start to see the bright lights, Snapnames will be dissolved quickly.
The offer is an attempt to resolve what they can instead of just shutting down operations and then be exposed to lawsuits for bad faith...this way, Oversee can say they tried...this is all this is about...snapnames is dead.
Hi Credit,
You're correct that questions have been raised before about Halvarez. Prior assurances were incorrect; SnapNames simply failed to discover the issue until recently, in part because the employee skillfully concealed his conduct.
Rob
Oversee Support
Even if Snap is dissolved, I'm sure Oversee will just gut the company and start up a rebrand. We'll see what happens...
The problem here is not that "questions were raised", but direct accusations were made about specific suspicious conduct which turned out to be true, and wrongdoing was denied.
This is the difference between a roadside ditch and the Grand Canyon.
Dear Valued NameJet Customer,
As you may have already heard, another company in our same line of business, SnapNames, was the victim of an internal security breach. We wanted to address any concerns you may have and assure you that at NameJet we have the necessary security protocols in place to prevent this kind of incident.
What Happened at SnapNames:
According to SnapNames, an employee set up an account on SnapNames under a false name. Under this account, the employee bid in SnapNames auctions. In many instances the bidding by this employee caused the ultimate auction winner to pay more for a name than had the employee not participated in the auction. In addition, on certain occasions, when the employee won an auction, the employee secretly arranged for a refund from SnapNames. This was in violation of SnapNames internal policy, and once discovered the company immediately closed the account in question and the employee was dismissed.
We commend SnapNames for taking quick and decisive action once it discovered its security breach.
NameJet has Strict Security to Prevent Anything Similar:
You should have full confidence nothing similar has occurred on NameJet. We have security procedures and policies in place that monitor all activities to ensure that âshillâ bidding does not occur. Further, employees are strictly barred from bidding on auctions and NameJet has both internal and external monitoring to ensure all security procedures are enforced. These procedures were developed and are maintained by two of the worldâs largest and most trusted registrars.
Thank you for your business and for your ongoing trust in NameJet.
If you have any questions regarding this issue, please contact us at [email protected].
Sincerely,
Steve Brown
General Manager
NameJet.com
There is alot more to this story as well.
Seperate note, I wonder how this went on for years without anyone inside the company knowing what happened? hmmmm
-=DCG=-
A bit of history from a December 2000 press release:
"Nelson Brady, vice president of engineering, the first executive to join SnapNames, leads a development team of 15 employees and contractors. Brady was formerly a development executive, manager and engineer with Oregon technology leaders including Tektronix, MentorGraphics, OrCAD, Opmaxx and Dynamics Research Corporation."
http://www.allbusiness.com/company-activities-management/company-structures-ownership/6545069-1.html
And, just for fun![]()
May 7, 2001
============================================================
Dear Chris Beach,
Thank you for your order. Your invoice number is 8817.
----------<Successful Snap-Shot>----------------------------
You are a Snap-Shot holder on the following domain name(s):
mail.com
world.com
----------<Your Contact Information>------------------------
The following contact information from your profile will be used for alerts and/or newsletters:
Primary email address: inphase[at]ii.net
If any of this information is incorrect update your SnapNames contact information in your SnapFolio account under the "User Profile" tab.
You now have 18 Snap-Shots remaining.
...those were the days...
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