Feeds

Teenager pays back £200,000 over Net stock scam

Kids today, eh? Tsk.

  • alert
  • submit to reddit

3 Big data security analytics techniques

A 15-year-old has agreed to pay back the $285,000 (£200,000) he made in profit from dodgy share trading on the Internet. Apparently, Jonathan G Lebed bought large amounts of cheap stocks and then hyped them up by sending emails to financial newsgroups. As soon as the price peaked, he sold them.

It obviously worked as well because after 11 such occasions, he'd managed to net $272,826 in profit. However, while you could be tempted to view this as teenage cunning, the Securities and Exchange Commission took a dimmer view. And so, after a New Jersey court case in which he neither admitted nor denied findings against him, Jonathan agreed to pay the whole sum back including interest.

He's not bothered though because he's making good money on his Internet businesses which puts others on the Web. Good lad.

However, you have to question various things. How come he can pay this all back with interest? Don't know about you, but aged 15, with a huge pot of cash, there wouldn't be much left after a few months. Is he simply a young fogey and a prudent money keeper? Or, as we prefer to think, did he run a concurrent account that the SEC doesn't know about and is rolling in it?

Kids, eh? ®

High performance access to file storage

More from The Register

next story
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
Sorry London, Europe's top tech city is Munich
New 'Atlas of ICT Activity' finds innovation isn't happening at Silicon Roundabout
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
prev story

Whitepapers

Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
SANS - Survey on application security programs
In this whitepaper learn about the state of application security programs and practices of 488 surveyed respondents, and discover how mature and effective these programs are.