Registrar Cybersquatting on Searched Domains

neutronblast writes: I work at web development firm and recently we were searching for new domain names for a client by going to a registrar and seeing if any of them were availible. After finding the name that we wanted, we emailed the client to get approval to purchase the name. The next day when we went to register it we found that it had been registered by an "Internet Domain Holding Company" (a.k.a. cybersquatter) called Maltuzi, LLC.

Coincedence? I'm not sure. I did some research and came up with and article at this Wired Blog and on the forums at webmasterworld.

Has anyone else had this experience? If so, let this be a caution to you and to just pony up the 10 bucks if you think you might want the name.