Sorry but some more Vonage news... That was news to me, how about you?
Found an incredibly interesting article in the "Star News Online" about Vonage's founder / chairman and his sorted past. I knew the guy was rich but never new how he did it. While 23 years old, it's reported that he and a few friends developed an inventive scheme to bilk money off of literally hundreds of thousands of small investors who bought and sold over the counter stocks. They took in nearly $1 BILLION in this effort and were fined only about $70 million. Some may say this is a nice return investment ($1B on $70M cost) but for me, if true, this does more to explain the success of their current IPO and the sham of a business model they run at Vonage.I guess I should find solace in reading this because now I no longer need to wonder how they came up with such a lame business model:-)
Go figger:-)
posted by TelephonyBuyersGuide @ 4:22 PM
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