Feeds

Kimble/ Schmitz charged with embezzlement

The Return of The Hoaxter Hacker

  • alert
  • submit to reddit

Beginner's guide to SSL certificates

Kim Schmitz, the German hacker-turned-gazillionaire, will have to defend himself in court against charges of embezzlement. Schmitz, who stills calls himself Kimble, allegedly rewarded himself with a "loan" of €280,000, paid by his company Monkey AG to his venture fund Kimvestor AG. Both companies are now bankrupt.

In May last year, after being extradited from Thailand to Germany, Schmitz was found guilty by a Munich court of insider trading in the rescue of online retailer LetsBuyIt.com and was given a 20-month suspended prison sentence. He also got fined for €100.000. Schmitz then moved to Hong Kong, where he founded a hedge fund cum ‘Money Making Machine’ called Trendax Ltd.

Trendax is an automated trading system operating simultaneously on multiple markets. Its AI-based decision system selects the ‘optimal combination of trading strategies for current market conditions’, as Schmitz puts it.

Schmitz, who the Germans like to refer to as a Net-Nepper (Net conman), was already convicted for hacking back in 1998, but then turned to a lifestyle of decadence and indulgence as a security advisor and venture capitalist. He once claimed his net worth was over $100 million.

The 23-stone, six-and-a-half foot German entrepreneur (born 1974) never made a secret of his flamboyant, jet-setting lifestyle. On his website you can still see him with his yacht, private jet, amazing cars and stunning women. In the wake of 9/11, Schmitz even offered a $10 million reward for information leading to the capture of Osama bin Laden.

'My way is anything but conservative,' Schmitz writes. 'The rules in my world are not the rules of the old economy. This is the cyber age, which allows the Kimpire to grow fast, cost efficiently and without any limits. No bureaucracy, paragraphs or borders can slowdown the Kimpire. Our brains and the Internet, that's all we need to be successful.'

Apparently not.

Related story

Hoaxster hacker discovers infinite-wealth algorithm

Security for virtualized datacentres

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Israeli spies rebel over mass-snooping on innocent Palestinians
'Disciplinary treatment will be sharp and clear' vow spy-chiefs
Apple CEO Tim Cook: TV is TERRIBLE and stuck in the 1970s
The iKing thinks telly is far too fiddly and ugly – basically, iTunes
Huawei ditches new Windows Phone mobe plans, blames poor sales
Giganto mobe firm slams door shut on Microsoft. OH DEAR
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
Show us your Five-Eyes SECRETS says Privacy International
Refusal to disclose GCHQ canteen menus and prices triggers Euro Human Rights Court action
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.
Security and trust: The backbone of doing business over the internet
Explores the current state of website security and the contributions Symantec is making to help organizations protect critical data and build trust with customers.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.