A German pensioner who failed to sell banks his encryption scheme for ATM machines has been convicted of counterfeiting credit and debit cards.

The 71-old (nicknamed 'The Professor') was sentenced last Friday by Munich's State Court to four years and ten months in jail for creating 671 fake cards, which he used subsequently used to make illegal withdrawals, AP reports. Among his victims was a judge working on the case, who stepped down after discovering he had attempted to defraud her.

Three years ago, the professor developed an encryption system for use by ATM cards which banks rejected as too expensive. Stung by this rejection, the pensioner turned his hand to crime. And look where it got him. ®