It just doesn’t add up.
I’ve always questioned the 2008 sale of Fund.com for $10 million. It’s mostly in my gut: why did a new company that went public by buying another company pay a ridiculous price for this domain through a broker I’ve never heard of?
It just doesn’t make sense.
Now someone has dug into it the company a bit more, and the whole thing stinks.
BusinessInsider notes that the company has no real revenue since 2007, has seen its stock (now traded on pink sheets) go as high as $1,205, did a 1 for 120 reverse stock split last year, and is restating its financials from previous years.
It gets worse: the article mentions mobs, Kosovo warlords, a forged signature, mobsters, and ponzi scheme.
Read the article here, then I ask you: do you still believe the $10 million sale of Fund.com is as it seems?
I’ve always had a problem with it because, if I remember correctly, it wasn’t $10 million. It was some goofy number like $9,999,999.
PS: I just checked and the actual figure was $9,999,950. Red flag.
@ David, yeah, and it came through some sort of loan as well
Not the only 7 figure domain sale I don’t believe happened…
Reminds me of men.com and candy.com. 🙂
Strange sale to say the least…
Not sure which I smell BS or Libel.
Will be featured on CNBCs’ “American Greed” soon.
I think a lot of domains are reported “sold” that never really sell. Quotes.com “sold” for over a million in extended auction and never happened to be reported by Oversee that it never closed!
Add in the case of company x sold to company y for xyz amount.. but company x and y are owned by the same company!
After reading that link there could be laundering going on ?
Maybe $9,999,950 was just under the $10M number the gov. needs notification of if wired LMAO
Looks like Dnjournal made a fitting commentary on it at the time,
“When news reports started appearing today (including one at CNN.com) that Fund.com had been sold for the highest cash price ever reported ($9,999,950) there were elements to the story that had me wondering if it was legitimate. I brought those doubts up in a thread at the DomainState.com forum but a member there, investor George Kirikos, dug through the purchaser’s Jan. 15 SEC filing and confirmed the transaction had been reported to the U.S. government at the stated amount. You don’t make that kind of stuff up in SEC filings unless you have a fondness for jail cells.”
http://dnjournal.com/archive/domainsales/2008/domainsales03-18-08.htm
@ snoopy – some people have a fondness for jail cells.
Yea; I’m w/the doubters. This sale never felt like a real domain sale; and 10 mill is ridiculous for such a name.
Back in the day, there was a vacant lot in the Boston area that kept getting resold to alleged mob associates. Each time it was sold, the price kept going up. The only people who were ever interested in buying it were mob associates. The FBI assumed that it was a way to launder money.
That’s why crooks launder money, so it can then be reported to the government as being “clean.”
Interesting since I saw it was coming up again as a drop within the last 2 months perhaps. This is strange since there was a website on there at least and now there isn’t it is under construction?? definitely a huge name but couldn’t find one article on it since that time as I was curious if it was actually a drop with a splash of back door dealings. Right now its listed to none other than a location in fort lauderdale south florida again.
Does anybody know about this update?