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Technology Stocks : eBay - Superb Internet Business Model

EBAY 81.81

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To: appro who wrote (4133)	7/16/1999 5:28:00 AM
From: Jeff Dryer	Read Replies (2) of 7772

>Auctions are like poker games where an education in the rules, >customs and strategies can be costly. The veterans will always have >the advantage. I think you are right to compare auctions to poker games. Because of Yahoo, I think the auction industry is in transition to being more of a game than productive. Here is a tidbit news piece... would be interesting to know how widespread these problems are. One question I have about this fraud case is how this criminal got around the feedback rating system. I can't imagine that feedback ratings were positive, so why would buyers send money? Man pleads guilty to eBay fraud By Reuters Special to CNET News.com July 15, 1999, 2:20 p.m. PT In one of the first prosecutions of auction fraud on the Internet, a Southern California man has pleaded guilty to defrauding buyers on the popular online site eBay. The U.S. Attorney in Los Angeles said Robert Guest pleaded guilty to mail fraud involving a number of auctions he posted on eBay. According to his plea, Guest put up various consumer electronics items for sale on the site, but failed to deliver the items after collecting payments. Prosecutors say Guest collected about $37,000 from bidders between March and May of last year. Victims paid him through checks and money orders. eBay was not immediately available to comment. However, a source close to the investigation said the company was "not terribly cooperative'' in the case.

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