The scammers bought the newest iPad at its retail price of US$800 at the Fifth Avenue store and indicated that they planned to on-sell them for $1700, the The New York Post reported.
The highly organised plan played out in public with the ringleader handing out a large number US$100 notes to five others who then passed the money onto about 200 people outside the store.
The people then went inside and bought all the iPads in stock.
The boss of the scheme told The New York Post that the tablets they purchased were on their way to China where the Apple product is not yet available.
An Apple employee at the store told The New York Post that the scheme was“sad and disgusting” but was powerless to stop it.
"These people are preventing ordinary folks from getting their hands on an iPad," he said.
aap 17 Mar 2011
Apple also sell their products at overinflated prices, so why is the media NOT jumping on this?
The 'profiteers' are buying the items for $800, and selling them for $1700
i.e. a profit margin of 112%.
The clothes industry in Australia from a wholesale level to a retail price can be worth anything from 200% to 500% profit.
Where are the headlines of profiteering there?
As reported by corpau a while back, a children's jacket from J.K Kids Gear landed in Australia, brought in from China, cost $2 and retailed for $49.