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Thread: $1M Internet Fraud Scheme

  1. #1

    Exclamation $1M Internet Fraud Scheme

    This is just goes to show how vulnerable people are to reverse enginereing.. This 17 yr old "reverse enginered" $1M from this fraud scheme:

    "'This case ... demonstrates that just about anyone — even a 17-year-old high school student — can mastermind a securities fraud over the Internet,' said Stephen M. Cutler, director of the SEC's Enforcement Division..."

    17-year-old Mission Viejo, California high school student was identified by the Securities and Exchange Commission Monday as the mastermind behind an online securities scheme that bilked at least 1,000 investors out of more than US $1 million over a two-month period...and hid it in a casino account...
    Full story.


  2. #2
    AntiOnline Senior Member
    Join Date
    Oct 2001
    LoL. Thats pretty funny...
    [shadow]uraloony, Founder of Loony Services[/shadow]
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  3. #3
    Junior Member
    Join Date
    Jan 2002
    thats some funny shiznit rofl

  4. #4
    Senior Member
    Join Date
    Jan 2002
    It is amazing that so many pople will fall for such a thing. Too bad the kid did not get away with it. That was rather slick.

  5. #5
    Priapistic Monk KorpDeath's Avatar
    Join Date
    Dec 2001


    There's a sucker born every minute.... and two get taken advantage of, every second.
    Mankind have a great aversion to intellectual labor; but even supposing knowledge to be easily attainable, more people would be content to be ignorant than would take even a little trouble to acquire it.
    - Samuel Johnson

  6. #6
    You'd think with all the hype that this kind of thing receives, these 'investors' would not fall for such foolishness. But that's the world we live in, some people will do anything for the money. I guess there is a lesson in this somewhere

    Anyhow, good day all.
    - Maverick

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