Does This Indicate Questionable Bidding Practices on Ziinga? Ziinga.com / Ziinga.co.uk

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Perhaps you read our initial posting on penny auction site Ziinga.com/Ziinga.co.uk from back in 2010. In it I posted my opinions.  Since then a few Ziinga customers have posted their complaints and concerns in the comments section which can be read after the article: Ziinga Seems Odd.

Many Ziinga users stated that they later found unauthorized charges by the penny auction site, others said that Ziinga required photo ID scans to verify identities.

Nio Security, Inc, now known as Nio, Inc. holds a portfolio of investments: Ziinga is one of them.

Why might this information be relevant? Well, read the following copied from a press release dated January 24th, 2012. Take note of the management company, Larventech.

“Nio Security, Inc (OSE: NIO) today announces that following the Company’s acquisition of Flamingo

Intervest (see announcement of 12 December 2011) the integration of the two companies is completed. The Company now operates two business areas and expects sales growth and profitability in 2012.

Through the acquisition of Flamingo Intervest in December 2011, Nio became the owner of the Ziinga.com Internet auction site. Ziinga.com currently has a steady revenue growth and cash flow, and forecasts a positive pre-tax profit in the first quarter of 2012.

Now, look at this paragraph in particular:

As a part of the agreement, Nio has through Flamingo Intervest acquired all of the outstanding shares in the management company Larventech Inc for a purchase price of one USD. Larventech is registered on the Philippines, employs in excess of 80 people in its Manila office and is carrying out basic operations for Flamingo such as customer support, software development and graphic design.” – See also http://www.niosec.com/page/news/10/news/65

So, as the above release states, Nio acquired the penny auction site Ziinga by acquiring its previous owner, Flamingo Intervest. Along with Ziinga, Nio also acquired the outstanding shares in the management company Larventech Inc. Philippines based Larventech Inc employs 80 people, working out of its Manila office. What do they do? Customer support, software development and graphic design for Ziinga.

Why might all of this relevant about Larventech working for Ziinga?  Keep reading.

A tip was sent in to us with this information, which at the time (May 23rd, 2012) when I pulled up this information and confirmed it the information was the same as you will see in the below attached screenshots.

The following URL just a few weeks ago opened up an account at Ziinga.com, it still does, but at the time the username belonging to the account was a LouieMiranda. 

 

SO – the question is: Why would this user whose username was “LouieMiranda,” use an e-mail address @Larventech.com,  share a name with Louie Miranda, Sr. Software Engineer with Larventech, have over seventeen thousand bids, not have a real shipping address, hasn’t even claimed all won items, use an IP address belonging to LARVENTECH INC. in the Philippines, when, according to the press release that you read above, Larventech works for Ziinga and Ziinga is now owned by NIO Security, NIO Inc., who also acquired the outstanding shares in Larventech? Changed his username to sasdadsd? So do you think they were just testing Ziinga with this and possibly other accounts – while there have been active bids by other bidders on the auctions where Louie/sasdadsd placed bids?

 

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