Classified add scams

Tim_Deegan

geordie_joe wrote: »

That myth has been around for decades. It started when banks first started using computers. Some guy reprogrammed the banks computer to take 1 cent out of each customers account and put it into his own.

The theory being the banks could't do anything, because he wasn't taking their money, and the accounts holders couldn't be bothered to press charges for the sake of 1 cent.

It was a myth then and it's a myth now.

And I believe was made into a comedy film 'Brewsters Millions'.

Altarf

geordie_joe wrote: »

It was a myth then and it's a myth now.

It appears to be fact now - http://www.theregister.co.uk/2009/09/18/brokerage_scam_sentencing/

geordie_joe

Altarf wrote: »

It appears to be fact now - http://www.theregister.co.uk/2009/09/18/brokerage_scam_sentencing/

Well it's not quite the same, he didn't get away with millions. And contrary to what Altarf says, he didn't create hundreds of thousands of accounts and it didn't take the brokers a surprisingly long time to catch on.

The article says "The scam ran between November 2007 and May 2008 until the fraud was detected." Giving the impression that they didn't realise what he was doing until May 08.

This is not true, two of the broker companies were onto him immediately and contacted the FBI. The FBI got the brokers to let him carry on doing it while they investigated. They had to find out who he was, where he was and where the money was going etc. There was a joint investigation by Secret Service and the FBI .

So he was allowed to carry on until they had gathered enough evidence to convict him, by May 08 they had the evidence they needed, and "lifted" him.

Altarf

geordie_joe wrote: »

Well it's not quite the same

Sorry, but you claimed that there had be no such scam that I described and it was a myth.

Sorry I misremembered what I had read a week ago and thought it was hundreds of thousands of accounts, when it was only 50,000 accounts.

What I described is not a "myth".

geordie_joe

Altarf wrote: »

Sorry, but you claimed that there had be no such scam that I described and it was a myth.

Sorry I misremembered what I had read a week ago and thought it was hundreds of thousands of accounts, when it was only 50,000 accounts.

Fair enough, but he actually ATTEMPTED to open 58,000 accounts. it is not on public record how many he actually succeeded in opening. Although he did succeed in opening an unknown number of accounts. The article says he got $50,000, again this is not true. If he had succeeded in opening all 58,000 accounts he would have had $50,000 paid into his accounts. It is not on public record , AFAIK, how much actually made it into his accounts.

Altarf wrote: »

What I described is not a "myth".

But it was not exactly the truth either.

Altarf

What? So you are saying that it is a myth that Michael Largen operated a fraud that involved opening a large number of accounts to take a small amount of money from each.

Fair enough.

Tim_Deegan

So far one of the internet providers has investigated and has shut down the e-mail account.