Epik Accused of Using New Customer Funds for Debts

Started by Domaining News, Apr 09, 2023, 04:02 AM

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A customer is suing domain registrar Epik, claiming that the company owes him $327,000 for a failed purchase in the secondary market. Matthew Adkisson paid this amount to buy the domain nourish.com through Epik's escrow service. However, when the sale fell through, Adkisson faced difficulties in getting his money refunded, experiencing delays and evasive responses from Epik.

 The lawsuit accuses Epik, former CEO Rob Monster, and current CEO Brian Royce of using escrowed funds for purposes unrelated to their intended use. Allegedly, these funds were used for general corporate expenses and potentially even personal expenses. The lawsuit also suggests a possible Ponzi scheme, where new customer funds are used to pay off debts to previous customers. Numerous similar complaints have been made against Epik over the past few months, with buyers and sellers struggling to receive payment. The lawsuit, which includes charges of breach of contract, fraud, and racketeering, implies potential criminal activity by Epik. Adkisson is seeking a refund of his money along with unspecified damages.