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08|07|2007 10:34 am EDT

Employee charged with selling employer’s domain name for $200K

by Frank Michlick in Categories: Domain Sales, Legal Issues, News

Who’s got the control over your assets in your business? Yes, those assets include your domain name, especially when it’s a name like sofa.com:

A 41-year-old Sheboygan man was charged today with selling his employer’s domain name for $200,000 and using corporate credit cards to finance international trips with a stripper girlfriend, according to complaint filed today in Milwaukee County Circuit Court.

[…]

Galstad worked out an agreement in October 2005 with London company Deliverance Pension Scheme to sell the Web address for $200,000. Records subpoenaed by investigators show the domain was transferred to the new owners in November 2005, and $200,000 was wired to Galstad’s personal account about two weeks later.

Galstad, who had worked for Dinesen’s for 16 years and managed the company’s stores, then transferred well over $10,000 to two women, one from New York and one from Brazil. Neither woman was Galstad’s wife, whose divorce from him was finalized in June 2006.

The theft came to owner Lynn Dinesen’s attention when a friend told her the sofa.com address was no longer sending people to the company’s site. The address is currently operated by a London-based online furniture retailer, which according to its Web site launched in September 2006.

[Dan sent the link | The Sheboygan Press]

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