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General Discussions > General Chat > Zane Samuels and Auction-Australia
| First Post: Mon, 29 Sep 2008 09:46 pm | Zane Samuels and Auction-Australia |
Last post: Thu, 12 Nov 2009 10:41 pm |
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Guest User |
Zane Samuels and his Auction-Australia website have gone bust in early 2008, with investors losing over $100,000 dollars. |
Mon, 29 Sep 2008 09:46 pm Report Post | Anchor Reply |
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Anonymous Guest User |
his family coned us when they wanted to move into our house in grafton |
Sat, 22 Nov 2008 01:16 am Report Post | Anchor Reply |
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Anonymous Guest User |
They have ripped us off of thousands $$$ from Adelaide originally (I believe where they ripped hundreds off as well).. Moved to NSW and set up a building Company ripped off more people again..Then Auction Australia... again ripped people off .Now moved to Canberra to take up Political Agendas and worm their way into the Liberal party.STAY TUNED FOR THE SAMUELS party... They are dispicable people with nothing but $$ on their minds..Many people would love to get their hands on them..Zane Samuels is in Real Estate now so look out!!! Mother Christina is a so called Spiritualist!!! Daughter Angela goes under another name has her her sights set on Canberra Liberal Party ..$$$$$$ their agenda at all times.... |
Thu, 19 Mar 2009 01:24 pm Report Post | Anchor Reply |
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Anonymous Guest User |
Entrepreneur rejects conman tag At just 17, Minyama entrepreneur Zane Samuels made national news as Australia’s answer to Richard Branson. He was a young man with big plans to outbid eBay by setting up the country’s number one auction website. Three years later and that company – Auction-Australia.com – has gone bust, leaving nine investors across the country and in the UK a total of $110,000 poorer. So was it all a big scam or simply poor business management? Mr Samuels says neither, believing the website can still happen if investors are willing to hand over another $500,000. On Thursday night, Channel 9’s A Current Affair aired a scathing report accusing him and his business partner and mother, Christina Samuels, of being con artists. They blamed rival program Today Tonight for helping lure investors into the venture by hailing him as a whiz kid in 2006. As ACA issued viewers with a warning not to be fooled, disgruntled Victorian investor Gary Palmer – a Harley Davidson memorabilia trader who lost $10,000 – labelled him the next “Christopher Skase”. Another investor, Scott Cousins, said he and his mother Pam realised they had lost $20,000 – their combined life savings – after logging on to find the Auction-Australia site had closed down. “It was shattering,” he told ACA. “We had a look one day and it was not there.” Mr Samuels, now 20 and working in real estate on the Sunshine Coast, yesterday blasted the ACA report as “biased, unprofessional journalism” and claimed he could still make the site work. All he needed was another $500,000 from investors to cover administration costs. “My biggest expense was to pay for the site. It was $1000 a month,” he said. “What I need is an investment that would enable it ... approximately $500,000. “It’s basically money (that is needed) at this point. “Of course, different levels of money could achieve different things and Dad is even paying out of his tax return for the site to be turned back on, but we’re still investigating the legalities of trading.” Mr Samuels said the financial trouble started because the site had grown too big to manage. With 35,000 listings of items for auction, 3500 users and 10,000 hits a month, every cent went towards maintaining the site and only “a couple of thousand” dollars had been raised from user fees. “Unfortunately, it was going to take a lot more programming and marketing than I had originally budgeted for.” he said. “I started negotiations with a much bigger investor who was going to put a large quantity of money ($1 million) into the company and those negotiations fell over. “Everything happened quickly, which resulted in the site being switched off, due to lack of income, mid-last year.” He described the potential investor as a “high-level banker” from Sydney. The would-be Richard Branson claims he was honest and upfront with his investors when he discovered the venture was in dire straits. “All the investors I dealt with got a document with their business plan explaining it was speculative investing; explaining there was a chance of high returns and a just as equal chance of no returns,” he said. “I was very aware this was high risk and made sure they were aware. “I made contact with them before the site went down, saying I was negotiating with this person (the potential $1 million investor), said this is the proposal and they were all in agreeance. I followed up by telling them this person is not paying quick enough but I’m not going bankrupt, this is where you can contact me and I don’t want to do anything illegal, and they were all in agreement with it. “Since then I’ve answered all of the emails coming in.” Mr Samuels said he had no idea why the two investors featured on ACA had said otherwise. “I’m honestly shocked and hurt. I thought I did have their support,” he said. “I’ve gone through a year of hell to ensure I don’t go bankrupt and the company doesn’t go bankrupt.” Source: http://www.thedaily.com...cts-conman-tag/ |
Mon, 11 May 2009 10:53 pm Report Post | Anchor Reply |
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Anonymous Guest User |
Boy have some of you got it wrong, I happen to know the last time Zane was in Adelaide he would have been around 4 to 5 years old, don't get him mixed up with someone else |
Sun, 31 May 2009 11:08 am Report Post | Anchor Reply |
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Anonymous Guest User |
There are a lot of scams out there that people are putting money into all the time and losing same all the time, it's very risky and I can not understand why people risk their money. I honestly this young man has a great idea, why let an American company like Ebay have control. Why not have an Australian version, this young man I believe has the right idea just not the money to go with it. I hope he keeps trying to get an investor who can really make it work. Crying out loud he is only 20 isn't he. Who would give a 20 year old thousands of dollars anyway. What he needs is also someone who is experienced in that field, but then again how old was Gates when he started, and is it so wrong to want to be like Gates and Bramson. I hope he finds a big investor, I'd love to see an Australian version of EBay. I'd use it, where I don't use EBay.
Good luck Zane |
Sun, 31 May 2009 11:28 am Report Post | Anchor Reply |
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Anonymous Guest User |
I agree with the last person.
I have a friend who lives in Grafton at the same time Zane's Family was there, they had a business there and owned their own home. Say what you like about Zane but why I ask bring his sister into it, that's just viciousness, it's not her fault. Let her live her own life, it must be hard enough on her already without all that sort of rubbish being written about her. |
Sun, 31 May 2009 12:02 pm Report Post | Anchor Reply |
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Anonymous Guest User |
Seriously anyone who doesnt know the number one rule to investment is no return is guaranteed is simply stupid. It sounds to me as though these investors need to get over the fact they invested in a company that didnt work and move on. |
Tue, 09 Jun 2009 03:00 pm Report Post | Anchor Reply |
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grandmas_tigers Guest User |
I wonder what Zane is doing now. I hope he doesn't give up. It's hard out there but I think he just might be someone who can make. Good luck Zane, it's a tough road but you'll do it. |
Thu, 12 Nov 2009 10:41 pm Report Post | Anchor Reply |