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This story shows that it is important who has access to your domain portfolio. As more people see the high value of generic domains, one can assume that criminality will go up too.

Stephen M. Galstad, of 429 St. Clair Ave., is accused of selling the sofa.com domain name owned by Dinesen’s Leather Only to a London-based firm without the company’s permission, the complaint said.

He faces up to five years in prison and $25,000 in fines on a felony charge of theft in a business setting. Galstad is in custody awaiting his initial court appearance Tuesday afternoon, officials said.

According to the complaint filed by Assistant District Attorney Bruce Landgraf:

Galstad worked out an agreement in October 2005 with London company Deliverance Pension Scheme to sell the Web address for $200,000. Records subpoenaed by investigators show the domain was transferred to the new owners in November 2005, and $200,000 was wired to Galstad’s personal account about two weeks later.

(via The Sheboygan Press and Sahar’s Blog)