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Australia: Online jewellery store goes bust - 500 shoppers lose money & trust |
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2004-12-1
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World''''''''s biggest online e-store eBay’s Australian online jewellery store has buckled under bankruptcy with nearly 500 online holiday shoppers losing about $135,000.
Under investigation of the Victorian Department of Justice, could lead the Australian arm spend thousands of dollars in compensation.
Boaz Noyman, the Melbourne operator of eBay jewellery store, Jewelocity, filed for bankruptcy on November 18 with 500 eBay shoppers without the goods they paid for.
Meanwhile, Trustees emailed them notice of the bankruptcy the same day.
Jewelocity used to auction jewellery ranging from $20 to several hundred dollars attracting good clientele over the Internet.
One of the online shoppers expressing her woes had convinced her husband to buy 16 watches for $954 from the store as Christmas gifts for workers at his two-year-old scaffolding business.
"I feel utterly sick because I was the one who convinced my husband to buy the watches," said the lady.
Notably, eBay figures inform that less than ¹/100 of 1 percent of items listed on its site result in a confirmed case of fraud.
A denial of fraud forthcoming from Noyman did not convince some creditors. He confirmed it as a “simple case of bankruptcy.”
"It''''''''s a question of a business gone dead," Noyman says. "I didn''''''''t plan to go bankrupt . . . (but) they''''''''re feeling like somebody took their money and now they''''''''re sitting on a tropical island drinking milkshakes.”
Richard Cauchi, of CJL Partners, the lawyers handling Noyman''''''''s bankruptcy, termed it as “lack of business acumen.”
A Victorian Department of Justice source says Fair Trading Act provisions that cover accepting payment and failing to supply goods may also apply.
The company''''''''s director of trust and safety, former Australian Federal Police officer Alastair MacGibbon, says people could apply under eBay''''''''s buyer protection scheme. They could receive up to $375, less a $25 fee, to cover losses for items never received.
MacGibbon recommends the use of an escrow service to avoid the possibility of losing money. Instead of paying the seller, the bidder pays the escrow service, which holds the money until the goods are received. If the bidder is satisfied, the funds are released.
"We strongly recommend the use of an escrow service for any purchase over $375," he says. Smaller amounts are usually covered by eBay''''''''s buyer protection scheme, if bidders comply with transaction guidelines.
Cases have been cited where sellers offer goods at heavily discounted prices with no intention of supplying them and convince buyers to send money through a wire service, such as Western Union. |
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