Alibaba.com Fraudulent Activity Prompts High Profile Resignations

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Jack

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Jan 24, 2011
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Alibaba.com chief executive officer David Wei and chief operating officer Elvis Lee resigned from the company following a year-long fraud involving 2,300 verified vendors.

Alibaba.com is the largest business-to-business trading platform in the world and has, according to its own account, over 50 million users as of September 2010.

The company concluded an internal investigation into fraudulent activity linked to Chinese Gold Suppliers who signed up in 2009 and 2010, and determined that the management didn't take timely action.

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