Entertainment Shopping, Inc., Swoopo swoopo.com Ponzi Scheme Waiting to Implode Internet

First off, to those of you who think the business model is fraudulent... it isn't. Read their terms & conditions. Everything is on the up and up in how they disclose they operate. If you don't agree to these terms or don't feel comfortable with this business model, then simply do not participate.

This is what IS wrong and where some people will get devastated:

Swoopo does not have possession of the items they auction. It should be outlawed to sell items you do not own. At the very least, they should have to post a bond in the amount of the value of all won auctions which have not been paid for by them and delivered.

Myself, and many others are waiting well beyond their stated 14 days after receiving payment to receive their merchandise. I have not seen one person in a forum who has stated they received a response from customer service when inquiring as to when we may expect shipment. Every person states the same thing I received - an automated form letter stating they will get back to us in 24 hours, but it may be 48 or 72 hours. I am not aware of anyone receiving a reply in any time frame when inquiring about a past due shipment.

There is no excuse to not ship items in a timely manner. The only logical explanation is they need to sell more bids to buy the merchandise won previously. Eventually the shipping times will increase more and more... the bidders will cease bidding due to the bad publicity... they will begin losing money at an accelerated rate... and the latest winners will receive NOTHING when they disappear into the night with their money.

If you have the ability to bend the ear of lawmakers or policymakers, this industry needs to be regulated:

Items must be owned outright before they can be auctioned and/or a bond shall be in full force at all times to cover the value of all previously won items plus shipping charges to deliver them to the rightful winners.