eBay Jewellery Store Fined $400,000

Some people would quit when they are ahead, but not these guys. They made over 232,000 false bids on their own auctions in order to jack the price up by as much as 20%. As disgusting as it is, it’s certainly not surprising. By the sounds of things though, they earned $5 million through all of these auctions, so a $400K fine is unlikely to teach anyone a lesson.

In around a year, these bids totalled some $5m, the attorney general’s office claimed. Attorney general Andrew Cuomo said: “This scam highlights the growing vulnerability of online auction shoppers. Consumers should not have to surf with sharks.”

Source: The Register