In September 2001 Flooz ran out of funds and ceased operations. The company never made a profit.
Where Are They Now? Robert Levitan is now CEO of rich media delivery company Pando Networks. Spencer Waxman is an investment manager at Shannon River Partners, and Dermot McCormack is an online executive at MTV Networks. Levitan reports running into Goldberg in recent years, but the star did not seem to have any hard feelings about the company's demise.
Reflecting on Flooz's failure, Levitan says several important lessons were learned. "Operate to build value through growth but always be prepared for the worst," he declares. "Market timing matters, and when market conditions turn, your strategic options can change quickly."
Flooz.com is currently a doorway page registered through Tucows, but the Standard was unable to determine its owner.
Were you an employee, customer, or client of this service? Then share your memories below! What did you like about the company? What didn't work? What other factors contributed to its success or failure?
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Comments
What I would like to know is, how is Flooz/e-Gold so much different from Paypal? I've personally witnessed "massive" amounts (several thousand Euros) going missing to CIS countries and Russia thanks to fraudulent Paypal transactions.
One of my bank accounts in Germany was significantly affected thanks to Paypal (I got it back, but not before much fighting with the bank - and next time I flew through Germany, I nearly missed my flight home because they needed to ask me questions about my identity).
I've been taken for a ride for "suspicious transactions", even though I faxed them a copy of my passport and phone bill, invoice and packing slip for the item in question - and I was already a verified seller - resultingly, I *still* have a locked Paypal account and am out a few hundred euros.
My former boss lost a laptop to someone in Latvia (about US$1000) thanks to a fraudulent Paypal transaction. I know I am not the only one here - thousands of others have had similar experiences - just look at sites like paypalsucks.com.
So my question is, why aren't these same measures being taken against Paypal? They [paypal] also operate in tax-free (and private) jurisdictions in Europe and I'm sure money laundering (as well as direct theft) goes on with that service. Because of the rampant problems with that service (far more than e-gold), I no longer accept Paypal as a form of payment, nor do I have/plan to ever again open a Paypal account.
I was a member of e-gold. I think it was and interesting and valuble concept in order to transfer assets on a worldwide basis. I did not understand how the system worked. If we could use the prescious metals in order to, as I have written about, to place the economy on a Gold - Precious Metals Standard, I think that would be very valuable for the economy and will stabilize the world economy.
Marc Manspeaker
9-2008
I was a conumer who bought over $300 in Flooz.com online money. Once the company shutdown, I consistently heard there would be a lawsuit for those of us who trusted the online vendor. I have yet to have any of my monies, which was paid by credit card, returned. Was there a settlement? If so, would anyone know of the particulars. Please respond online if you have information to share. Thank You.
MH Purple
hi am have been waiting patiently for e-bullion to come back up. i kow that i am no the only one who have money tied into this. please let us know what they are planning to do?
Yes! I am also waiting to hear about e-bullion -- what's happening, please?
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forget about getting u money back. go file a lawsuit youself[waiting?,better do something to get u money back,do not wait,ty.
Like many others, I Want to know what to do about my e-bullion account while its locked up.
I do not know what is occuring on an international basis with the internet monies transfers, It c ould be the CID of The United State of America that is clanming down on what they consider a mass form of corruption. The Law Enforment of Internatioal Laws do not take the time to Judge people on an Individual basis. That to them is not of their mentality. If we could invent a way to free the people that the Govenment decided to arrest in Mass it would help.
Marc Manspeaker
11-17-2009
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