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ECT News Community   »   E-Commerce Times Talkback   »   Re: Feds Settle E-Commerce IPO Fraud Case



Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: Nora Macaluso 2001-08-02 12:34:06
See Full Story

The U.S. Securities and Exchange Commission (SEC) has settled its lawsuit against an e-tailer it said raised approximately $3.8 million (US$) from investors by touting false information about plans for an initial public offering (IPO).


Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: tenahanford 2003-05-24 00:12:08 In reply to: Nora Macaluso
This is the first time I have heard of this fraudulent behavior. I had moved approximately 3 years ago, and figured that my financial statements stopped coming because they didn't have an updated address......how's that for being duped? I didn't even realize that the website had been taken down - yes, I know I should be more vigilent with my investments, but I'm BUSY!!
Well, anyway....I know that it's been a few years since this all started, but I really would like to recoup the hard-earned money that my family and I invested with these high-tech criminals. Someone who takes petty theft to a new level by using a computer and spam, is still a petty thief- am I right or am I right? I WANT MY MONEY BACK! Or at least permission to claim it as a loss on my taxes.... I've got some ocean front property in Arizona for sale REAL CHEAP?? ANYONE??
Please contact me if there is any further information about some type of lawsuit or legal action or recourse. THANKS!!
Tena

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: barbs 2003-06-01 16:52:21 In reply to: tenahanford
I got a letter yesterday from a lawyer about them going into bankruptcy. Did anyone else get this letter?

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: angelbabby196 2003-06-03 10:15:54 In reply to: barbs
Yep!! Read through the legal jargon and still feel we are at the same place we were before. NOWHERE!! From what I got out of it, they would like to re~organize and keep us listed as stock holders. But they owe a great deal of money to their creditors. Looks like they weren't paying them for quite some time. I guess we should look at this as one of life's lessons we learn.

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: barbs 2003-06-04 16:40:21 In reply to: angelbabby196
I feel the same.
Sending it a lawyer to see what to do. I can't imagine what people who invested thousands are feeling. These guys should be locked up.
I guess we did learn a lesson, but too bad these guys aren't paying for being dishonest.

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: darrenz 2003-05-05 17:12:20 In reply to: Nora Macaluso
I just found out about this! A year ago I found out that a new partnership had formed. I sent an e-mail asking what impact it would have on my stock. I got the following response from Roger Pringle:
"Roger Pringle Here. The Subscription Service is a revenue plan for 1stBuy that we hope will build an increasing revenue stream for 1stbuy.
Cold River Data does the programming, hosting, transactions, customer support, etc for thier portion. 1stBuy has customers. Its a cost effective revenue generation plan. Our goal is to have 2,000 members signed up."
So anyone know of any recourse?

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: lilneum 2003-01-20 01:57:10 In reply to: Nora Macaluso
I have also invested, although it was a very small amount, but I would like to know of any actions that can be taken. I have read of two main concerns, the class-action lawsuit out of Houston and also any tax benefits. Does anyone know about either of these?

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: RickStewart 2003-01-30 10:56:46 In reply to: lilneum
I invested a good sum of money for this IPO that never happened. I was wondering about the tax information also. Please keep me informed if there is an class-action lawsuit. I have made many phone calls and emails to 1st Buy.com and never received any return calls and messages from the company.

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: skipaul 2002-11-19 19:18:05 In reply to: Nora Macaluso
I have attached a copy of an email I sent to the Attorney General regarding this case.
I also attached the article to familiarize them with what transpired.
The only way for us to stop the Rodger Pringles of the world is to apply pressure on the Attorney General to prosecute these individuals to the max and freeze all their assets to assure individuals are compensated.
A copy was also sent to the O'Reilly Factor, hoping he will take up the issue.
Bombard the Attorney Generals office email: AskDOJ@usdoj.gov until we can receive a satisfactory reply.
I thought you'd like to read this article from E-Commerce Times:
"Feds Settle E-Commerce IPO Fraud Case" with reference to Robert Pringle,
Founder and Chief Financial Officer for 1stbuy.com.
1200 small time investors, invested #3.8 million and we
were all duped by this man. What was his penalty, a $25,000
fine.
What great odds. $3.8 million for only $25,000.00?
I believe we would all take those odds every day!
Question?
So What about the 1200 investors and $3.8 million stolen
by this individual?
Besides the slap on the hand for Roger Pringle and allowing
him to walk away with $3,775,000.00, that is it?
We want Justice and would like to see Justice Served.
From what we are seeing, stealing $3.8 million is not
really a crime!
What about restitution for the investors?
Who cares for Rodger Pringle, freeze all his assets etc.
and use that money to repay the people hurt by this crime.
What say you Mr. Attorney General?
cc. O'Reilly Factor - Fox News.

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: pachura 2008-02-17 03:01:40 In reply to: skipaul
Just happened to run across this post. I lost $5k to the 1stBuy pre-IPO scam. Anyone out there who can tell me what the final resolution to all of this was. I was never notified of a bankruptcy or a class action lawsuit. Did either finally happen? I'm sure its too late for me to file now, but what year were we supposed to have claimed this stock as a loss for tax purposes? Thanks in advance.

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: bgreenwa 2003-01-14 14:12:32 In reply to: skipaul
Sounds like there is a growing list of dissatisfied investors with 1stbuy.com
If you find out anything we can do to recoup our losses please let us know

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: barbs 2002-11-30 14:54:51 In reply to: skipaul
Thanks for the information. I have sent a letter to the DOJ. Hopefully, someone will answer. Please post if you get a reply.
Thanks again.

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: sk1freak 2002-09-19 00:33:02 In reply to: Nora Macaluso
First I've heard about this. I happened upon this article by chance. Anyone have the law firm's address in Houston? Please respond.

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: izaac13 2002-10-17 15:17:58 In reply to: sk1freak
I'm still looking for information on 1st Buy, does anyone have any information for law firm, telephone number, email address, names anything?

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: tonyv 2002-07-16 16:16:40 In reply to: Nora Macaluso
I was also taken for a few hundred dollars. If anyone hears anything on how to get our hard-earned money back, please email me!

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: amaze 2002-06-17 15:54:23 In reply to: Nora Macaluso
I, too, was duped into investing in 1stBuy. I am interested in finding out what the options are for the recoupment of the investment or a tax write off. Contact alva_angel@yahoo.com.

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: thomascameron 2002-02-28 18:22:22 In reply to: Nora Macaluso
I am definitely interested in legal action. I worked for those scumbags at 1stbuy.com for a *year* without pay - they gave me stock instead. Now my stock (200,000 shares) is worthless. If anyone is actually taking legal action, please let me know.

Right before I left, I also convinced a family friend to invest - he lost $20,000! I want a (legal) piece of Roger Pringle, Chris Hess, Shaemus Nordine and company.

My e-mail is thomas DOT cameron AT camerontech DOT com.


Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: beings20 2002-06-27 21:51:03 In reply to: thomascameron
They got me for 5K and Pringle acted like he was doing me a favor to talk with him about my investment! I know they changed the format a couple of times and now the site is offline.
It really steams me to think that these folks might be a hell of a lot richer for our worse!!!

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: jimk1 2002-05-18 22:30:58 In reply to: thomascameron
Hi
I would also like to know what action can be taken, and what options we have.
Thanks

Lawsuit against 1stbuy
Posted by: joe1 2002-02-03 13:21:43 In reply to: Nora Macaluso
anyone interested in takeing legal action against 1stbuy.com please contact us at

amco32@yahoo.com


Re: Lawsuit against 1stbuy
Posted by: jvyvlecka 2002-05-03 17:34:56 In reply to: joe1
Yes! I was only taken for a few hundred but that's a few hundred I can use now! Count me in!
email: jvyvlecka@email.com

Re: Lawsuit against 1stbuy
Posted by: izaac13 2002-05-13 16:31:58 In reply to: jvyvlecka
Does anyone have any information on class action lawsuit?

Re: Lawsuit against 1stbuy
Posted by: 57pass 2002-02-19 18:14:17 In reply to: joe1
Has any legal action started? I was taken for several k's . I would like information if anyone has it.
I just by chance found this information on the web... we have to stand together.

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: william2 2002-01-15 11:10:13 In reply to: Nora Macaluso
Also an investor, any recourse? And what about taking the loss off taxes for the year 2001?

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: ksuchomel 2002-01-11 12:54:30 In reply to: Nora Macaluso
Looks like I was a sucker, too. Can we do anything?

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: Hiram Babineaux 2002-01-02 11:11:46 In reply to: Nora Macaluso
I also invested in 1stbuy.com I was wondering what I should do as well.

Hiram Babineaux


Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: Jeff Everton 2002-01-02 21:07:54 In reply to: Hiram Babineaux
How about we pull together and file a lawsuit against Mr. Pringle and 1stBuy.com? Is anyone else instrested????

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: NgocLong 2002-01-11 04:17:47 In reply to: Jeff Everton
i am interested please email me
Thanks
Synooooooo@aol.com
Charles

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: NgocLong 2002-01-11 03:59:05 In reply to: Jeff Everton
I'm all for a lawsuit, I've also invested a large sum of money into this and I want to see something done.

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: Russell 2001-12-30 15:36:10 In reply to: Nora Macaluso
I'm yet another investor wondering if 1stbuy has "officially" gone under. Can I take my investment as a loss for tax purposes?

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: angelbabby196 2002-07-06 01:06:44 In reply to: Russell
Has anyone been able to find out what recourse we have, if any?????? Seems like we all have questions, but no answers..
you may email me at Angelbabby1962@hotmail.com Please use 1stbuy in subject line.
Thank you :-)

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: reloking 2002-07-10 17:11:41 In reply to: angelbabby196
I've been burned too. Despite all the postings, I'm unable to determine from this site nor from SEC, if any action is being taken. Are there no lawyers out there? Does anyone know anything?

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: 57pass 2002-07-26 15:53:26 In reply to: reloking
There is a law firm in Houston that is taking the case.... I will have to look tonight at home for the name... It was given to me by one of the people in the forum.... if someone could post the law office and phone numbers.... this would be good.... I was told that only two people one other had joined the suit... Jeff

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: izaac13 2003-02-05 15:01:41 In reply to: 57pass
57pass posted a message on 2/7/02 that a law firm in Houston Texas had filed lawsuit against 1stBuy.com. I never saw that information posted, does anyone know if 1stbuy.com is still trading or has it closed doors completely?

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: dfay 2003-02-23 09:36:15 In reply to: izaac13
I also lost money by investing in 1st buy.
I would appreciate knowing what recourse, if any,
is available, and whether the stock can be considered "worthless". My e-mail is koth007@texas.net

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: barbs 2002-08-13 08:29:50 In reply to: 57pass
Please post the law firm if you find it, it would be much appreciated. I sent a letter to the FTC and they said they couldn't help me.

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: mr3232 2002-08-06 00:35:57 In reply to: 57pass
I too was duped into buying this stock. If you can pass any info on legal recourse or tax write-offs...please contact me at: mr003@yahoo.com
Thanks much...
United we will win!!!

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: Ray G. Hubenthal 2001-12-27 09:23:22 In reply to: Nora Macaluso
I too invested $7,000.00 and never heard NOTHING from 1stbuy.com.
Should we write this off taxes as a loss ?

What should we try and do now.... is the company still open or doing business? Thanks Ray


Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: John 2001-12-22 00:38:37 In reply to: Nora Macaluso
I'm a stock holder for 1st Buy and I was not aware of this information. How come I wasn't contacted? I accidentally came across it tonight. Who do I contact concerning the lawsuit??????

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: j 2001-11-24 02:04:03 In reply to: Nora Macaluso
anyone else invested with 1stbuy.com?, contact us

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: jimk1 2002-06-16 09:32:23 In reply to: j
Hi
I also invested and would like to know if anything can be done. Please contact me at kelly11ct@aol.com.
Thanks

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: covaC8 2002-06-06 19:47:43 In reply to: j
I also invested in 1stbuy.com.....HELP!

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: bakes 2002-06-09 20:15:59 In reply to: covaC8
Please add me to the list of those interested in recouping money invested under false pretences. Good to see that truth in advertising truly is dead.

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: jimk1 2002-05-18 06:34:11 In reply to: j
Hi
I also invested and would be interested in learning what options we have. I also would like to know how and when we can take this as a loss on taxes. Please keep me advised.
Thanks

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: jimk1 2002-05-17 20:05:30 In reply to: j
Hi
I would also be interested to see what recourse we have. I would also like to know what has to be done in order to file this as a loss on my taxes.
Thanks

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: Popovich 2002-04-19 19:36:07 In reply to: j
I made a substantial investment in 1stBuy as well. The SEC lawsuit is a complete surprise to me too. I just happened to be checking out their website today and realized that it had vanished! Upon further investigation, I began discovering information on the internet detailing the fraud that they have perpetrated upon us all. The 25K civil penalty levied by the SEC is just a slap on the wrist. So, the SEC got 25K ... what about the investors?

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: izaac13 2002-05-03 12:02:27 In reply to: Popovich
I'm looking for information on class action lawsuit, I would like to join.

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: kishalay 2002-04-09 15:10:23 In reply to: j
Hello,
I invested in 1stBuy. I did not know about the SEC lawsuit. I was not notified. Today I saw that their site vanished too.
I want to participate in the LAWSUIT. Please let me know what I have to do.
With Best Regards,
Kishalay Haldar

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: taken 2002-02-26 17:46:56 In reply to: j
I invested in 1st Buy about 1 1/2 years ago. I was told the same thing by a member of their board of directors, that my $5.00/share investment would grow to ~$90.00/share after they went public. After many tries to contact people at 1st Buy, I was told they were going to have just one more private offering, then go public. This never happened! I talked to them after the SEC problem and they told me that a lawsuit would only devalue my existing investment, and that I should just hold on till they worked it all out. Boy, was I ever stupid twice or what!

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: Jeff Everton 2002-01-02 20:48:18 In reply to: j
This is a total surprise ... I invested $5K and even have a stock certificate. Perhaps we should contact legal resources?

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: John Mattle 2001-12-21 15:59:21 In reply to: j
I also purchased from this company, any recourse?

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: travis 2001-12-11 23:15:43 In reply to: j
I invested in 1stbuy.com and also a friend and his family....anything I can do?

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: electropoe 2002-01-14 00:46:12 In reply to: travis
Well, looks like the 1stbuy website is about to be launched again....I wonder what will come of it?

anyone heard anything?


Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: joe 2001-12-13 13:23:23 In reply to: travis
please contact us,we invested with 1stbuy.com too and are filing legal action.

eggbostore@netzero.net


Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: Noberto reyes 2001-11-29 21:03:53 In reply to: j
I invested on 1buy.com how can I get any information on 1buy.com

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: Jeff Carter 2001-12-06 12:13:57 In reply to: Noberto reyes
I also invested, any way to contact them??

Re: Feds Settle E-Commerce IPO Fraud Case
Posted by: marion kneedl 2001-11-08 21:23:55 In reply to: Nora Macaluso
this is the first time I heard about 1stbuy. what is avail for the investors? is there any money returned? is this notice to file a loose against for tax lose?
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