Feeds

Kimble/ Schmitz charged with embezzlement

The Return of The Hoaxter Hacker

  • alert
  • submit to reddit

Boost IT visibility and business value

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

The Essential Guide to IT Transformation

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Sonos AXES support for Apple's iOS4 and 5
Want to use your iThing? You can't - it's too old
Stick a 4K in them: Super high-res TVs are DONE
4,000 pixels is niche now... Don't say we didn't warn you
Philip K Dick 'Nazi alternate reality' story to be made into TV series
Amazon Studios, Ridley Scott firm to produce The Man in the High Castle
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
Joe Average isn't worth $10 a year to Mark Zuckerberg
The Social Network deflates the PC resurgence with mobile-only usage prediction
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.