The Atlanta based penny auction site called Wavee.com has gone out of business.
The Governor's office of Consumer Affairs says the company didn't send winners their merchandise in a timely manner and didn't clearly explain that when registering for Wavee, members credit cards would be charged to purchase bid credits.
Wavee has agreed to provide $202,000 in consumer restitution, a $35,000 civil penalty and 15,000 in administrative expenses. The Office of Consumer Affairs said Wavee has also agreed to pay the state $50,000 to establish a trust account for issuing refunds to customers who unintentionally purchased bid credits from Wavee.
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11Alive did a story about penny auctions that featured Wavee in 2009 when their Better Business Bureau Rating was an "A" and two follow up stories as consumer complaints were made and the rating plunged to a D, then an F.