Monday, August 4, 2008

WSE Account locked - assets frozen or gone

Well, the WSE did open again. Of course, in the last few days I have made a few posts that have been critical of the WSE, in an effort to get people to think twice before throwing money into it, hoping to cash in.

So, I went to the newly opened website, and tried to log in. No luck. I went to Hope Capital Island and tried to reset my password - but the ATM would not reset it. I found out that people who had provided an email to the WSE already had their account keyed to that email, so I went to the webpage and asked for my password to be reset, and sent to me.

I was surprised when in fact a new password arrived a few seconds later! So, I went onto the site and logged in, only to receive the following message:

"Your account has been locked by an admin"

Luke Connell is, of course, the admin. So, apparently he has locked my account.

Now, to DDE shareholders - I had more than 234,000L in cash in my WSE account - I had deposited it there a few days before the closure, in order to pay dividends for the next month or so. I also held shares in a number of companies at that time - including a whopping 11,000,000+ shares of WTF, and some of HCL, and a couple other companies.

So, by locking my account, Luke has frozen assets that belong to YOU.

I hope you all know that I try to place my ethics before everything else in whatever I do, and I stand by my reputation as an honorable and fair business woman. I have, as far as I know, never stolen anything from anybody. I have been fair and generous whenever I could, wanting to reward you all for placing your faith in me and in DDE.

So, it is particularly galling to me that the WSE, the vehicle that brought us all together, as it were, is now turning around and fucking me. And not in the nice way. The worst part of it all, is that I am not surprised at all - since I did decide to finally speak out. But that doesn't make it RIGHT!

And, it is all because I have an opinion that isn't popular with the owner of the WSE - i.e. that it is a highly risky endeavour, and the owner has shown himself to be without honour. In his megalomaniacal mind, that justifies the theft of OUR assets.

So, I hope that DDE investors will be outraged by this. I hope that they will make their outrage known in a tangible way. I hope that Luke will reach deep down inside and find an ounce of decency to do the right thing and stop stealing from people that are critical of him.

I will not stoop to making meaningless threats. I have contacted Luke and asked him to return the cash that was in my account, and depending on his response, or lack thereof, will take whatever steps I think are appropriate.

I know that others like Casper and Spontaneous (and more) have been through the same thing - and with many more assets to lose - so I don't want to be a prima donna about it. Suffice it to say that what Luke has done, again, is just plain wrong, and right-minded people cannot continue to suffer his unethical and arbitrary actions.

dd

10 comments:

Delicious Demar said...

Well, I guess it is official. I have not heard from Luke, but I took a look at the Major Shareholders list of the World Traders Fund, on which I should be third with some 11 million shares. They are gone.

I'm not usually much on taking up causes in Second Life, but there comes a point at which enough is enough.

Stay tuned...

dd

Anonymous said...

Hi DD this is probably at an inconvenient time and it is quite late in terms of the time since you delisted but unfortunately at that time I couldn't contact you. If I remember correctly I had about 3,000+ shares in DDE and were wondering if I was still entitled to any dividends if I have not received them yet. My avatar name is Bobbie Seiling and hopefully I am on some kind of shareholder list.

Cheers.

Bobbie Seiling said...

Ed: Actually I have just found out that the figure was actually 2,100 seeing as I now have the same amount of the aptly-named WTFs.

Delicious Demar said...

Hi Bobbie,
yes you were on the original shareholder list. I made the decision at the time of delisting, to buy out any shareholder that had fewer than 5,000 shares, because I simply could't manage 300+ investors myself. In May, the buyback was completed.

As I paid out the value of the shares (@3.0L per share), I held back on paying avatars that had not been inworld for a significant period of time. Yours was one of the accounts that was listed as "pending".

I will contact you inworld the next time I am online, and complete the pending transaction. :)

dd

Anonymous said...

Join the club

You=Ivan Halfpint
[18:58] You: Scott he told me by posting comments he idnt like on

public fourms it violates some TOS
[18:59] You: I didnt realise there was a clause that if I posted

somethng in pulic Luke didnt like he gets to keep the lindens in my

acount
[18:59] LukeConnell Vandeverre: I've made my position clear Ivan

and I'm not going to allow you to try and make a scene and cause a

disturbance. You either retract your statements and apologise your

you are not welcome at Hope Capital or to use the WSE service
[19:00] You: I didnt do anything wrong in my eyes
[19:00] You: i allowed to post my opinions in public forums
[19:00] Scott Nestler: Luke, if he violated the TOS, you have to

be able to show him where in the TOS that was stated that he agreed

to
[19:00] LukeConnell Vandeverre: Well its my service, I say you

did, thats the end of it
[19:00] You: well then i guess thats it
[19:00] Scott Nestler: If it's in the TOS, show him where
[19:01] You: Id actually appreciate hearing about this clause
[19:01] LukeConnell Vandeverre: Scott, its very clear in the terms

of service, that he doesn't own what he claims to own. Its also

very clear that the WSE can suspend or remove his account at

anytime in our sole discreation

casper trebuchet said...

Dear DD,

well, there is little to say..so Luke didn't change. My feelings are with you Del.

It will be interesting to learn about the financial report of WSE for the 4Q which mainly was driven by the theft of our investors assets, ours included, as I easly can imagine.

He sized 4.5 mio $L form LEM, mainly invested in HCL shares and HCB bonds - apparently not a bad deal if he steals futher money from others....not at all LOL this time.

It looks as some RL resistance is forming. Wiseguy Capra filed already a www.ic3.gov report.

As former CEO's we have some responsibilities to take and helping to avoid that other innocent investors who don't know about the history record of Luke are losing their money.

A story to be continued as it looks, unfortunately.

Greetz/Casper

Cincia said...

I dont know why anyone candy coats what Luke is ... he's no business man he's a damn thief! My heart goes out to DD and anyone who's been a victim of this piece of garbage masquerading as a Stock Exchange.

Delicious Demar said...

Although i have not been posting much here or elsewhere since an initial flurry before the WSE opened, and then after my account was banned, I have been pursuing other avenues to have an impact on the situation. I am seeking legal advice, and have identified a number of avenues that can be followed to have an impact on Luke Connell and the WSE, both within SL, and beyond SL. Since I have already written off whatever was in my account - I have nothing to lose by pursuing these avenues.

I hate to be so vague, but at this point, I haven't decided how far to go with this - my indignation is telling me to take it as far as possible, but my intellect is reminding me how much time, effort, and resources that might take. And I hate to make silly threats and gestures before I have committed to carrying them through to the end.

Unfortunately, any REAL action taken against Luke and the WSE may well spill over to the other exchanges - if Linden Research is subject to (or even threatened with) RL litigation over the actions of Luke Connell and the WSE, it may well feel the need to create a policy with regard to virtual exchanges in general - and we all know that the only safe policy for Linden Labs is an outright ban. I can only imagine that any meaningful legal action by someone against Luke and Hope Capital would also name Linden Research (and possibly Facebook) as a co-defendant, so if something goes forward, I would expect LL to wade in and deal with the situation in one form or another.

Although, you never know - LL has surprised me before with its willingness to stand on the sidelines and watch - so perhaps nothing would happen.

My ultimate goal in this is to allow Luke Connell the chance to see the error of his ways and make restitution. I don't want to be unnecessarily confrontational, and I don't want to get into a war of words with anyone. I simply want Luke to realize that he cannot play fast and loose with other peoples' property (and it IS our property - no matter what his Terms of Service might say). He cannot continue to justify his unethical and quite possibly illegal actions using the tenuous house of cards that he has constructed to place WSE upon, presumably believing that it offers him some measure of protection.

Perhaps I am having my own delusions of grandeur in thinking that as an individual I can have an impact on the situation, or that anyone really gives a shizt what I think or say or do about the situation. But whatever I decide to do, if I do anything, I will approach it as I approach everything - quietly, methodically, with a great deal of research and planning, and, once committed, passionately.

So there.

dd

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