Funny: Cheating E-Trade, Schwab in 'penny-pinching' scheme

A California man may have figured out a novel way to make money at home with little effort, but the alleged penny-pinching scheme may land him in jail.

Michael Largent, of Plumas Lake, has been indicted on nine counts of fraud for allegedly creating thousands of accounts creating a script to open up more than 58,000 online brokerage accounts at E-Trade and Schwab.com using bogus information and aliases, including cartoon characters, Wired.com reported on Tuesday..

As is customary when new accounts are linked to bank accounts, the brokerages sent "micro-deposits"--anywhere from 1 cent to $2--to verify that the bank account number and routing data were accurate, which totaled about $50,000, according to the indictment. He then allegedly transferred the money to pre-paid debit cards.

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The brokerages became aware of the situation when they had to verify the identity of the account holders as required under the USA Patriot Act.

http://news.cnet.com/8301-10784_3-9954212-7.html
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"Taking money without permission is stealing unless you work for the IRS then it's taxation. Killing people en masse is homicidal mania unless you work for the Army then it's National Defense. Spying on your neighbors is invasion of privacy unless you work for the FBI then it's National Security. Running a whorehouse makes you a pimp & poisoning people makes you a murderer unless you work for the CIA then it's counter intelligence." R. Wilson. ANCAPS Forum Headquarters, Ancapolis