13th August 2007
Domain name fraudster faces jail
Domain name news brought to you by DescriptiveDomainNames.com
A man who allegedly sold his employer's domain name is facing jail in the US.
Stephen Galstad from Sheboygan, Wisconsin, is accused of making $200,000 by selling Sofa.com to a British firm.
The domain had previously been directing traffic to Dinesen's Leather Only, where Mr Galstad had worked for 16 years.
Now the domain takes users to a London-based website set up in September last year.
The 41-year-old has also been accused of misusing company credit cards to fund a lavish lifestyle.
He took foreign trips with a Las Vegas stripper and gave money to at least two women, prosecutors claim.
Sofa.com is a highly valuable domain name, which is why Mr Galstad was able to command such a large fee.
It is not uncommon for generic addresses such as these to fetch six-figure sums at auction or through private sales.
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