Yep, fell for this too. Joined as their second hire, working under a senior developer... who promptly left. I assumed his role (and responsibilities), but not his pay. Not to worry I thought, stock options are coming. 11 months later I got papers for less than 1/4 percent with no vesting schedule (must stay until exit). Handed in my notice soon after.

That said, the experience I gained in the year helped me land better paid contracting gigs after, so... swings and roundabouts.