Jeweler Fined $400000 for Civil Fraud on EBay

June 11th, 2007 by Annkur

A New York jeweler will pay $400,000 to settle a fraud complaint. The jeweler was accused of directing his employees to inflate the price of his company’s goods by secretly placing bids under false names on eBay.

According to the settlement, the jeweler, Ezra Dweck, and his company, the EMH Group, have been barred from taking part in online auctions for four years.

The investigation found that Dweck, who sold jewelry on ebay, the nations largest player in the online auction market with about 200 million registered users, frequently lured unsuspecting shoppers with the promise of no reserve auctions.

Items sold in this type of online auction have no minimum or reserve price set. The lowest bidder begins the auction; the highest bidder wins.

ebay is the largest online market with over 200 million registered users. Anyone can buy or sell items on ebay, from jewelry and cars to rare antiques.

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