I have direct experience with GlobalSources.com and have proof in writing from senior executives in a series of emails where GlobalSources.com admitted the "rating" system they call "verified supplier" is based entirely upon how much money they collect from the supplier and nothing more.
I got ripped off by the company CATIC Shenzen Company whom I found through GolbalSources.com. CATIC is a "top rated" supplier as listed on GlobalSources.com.
After they ripped me off I contacted GlobalSources.com and finally they admitted they never "verified" CATIC's capabilities. They simply sent a low level person to a little office only to collect money. There was no verification other than to be sure the check did not bounce. CATIC simply paid for those 4 stars out of a possible 5 stars. (I know about the little office because I visited that office when I was in China to try to get my money back).
Unlike what GlobalSources.com states on their website CATIC Shenzhen has no factories of their own, no research and development, no quality control, etc.
GlobalSources.com is listed on NAZDAQ (NASDAQ-GS: GSOL) but they are based in Bermuda presumably to avoid US tax liability. They were taken public by the bankrupt company Fairchild.
The person who admitted in writing the truth of this scam is:
Bernie Holmbraker General Manager, Client Service and Buyer Events, GlobalSources.com
I have discussed this with Wayne D. Lee at NASDAQ and I am contacting the NY Attorney General.
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