Feeds

California man jailed for E*Trade skim scam

Salami-slice fraudster heads for the can

Top 5 reasons to deploy VMware with Tegile

A man who scammed online brokerages including E*Trade and Charles Schwab by stealing a huge number of tiny test deposits from multiple accounts was jailed for 15 months on Thursday.

Michael Largent, 22, of Plumas Lake, California, was also ordered to pay $200,073 in compensation to his victims after pleading guilty to two counts of fraud.

Largent opened 58,000 brokerage accounts using false details in order to steal the micro-deposits made by financial firms to test that accounts are set up correctly. Some of the false names he used took their inspiration from characters in cult cartoon King of the Hill.

The scam netted Largent $50,000, which he transferred to either pre-paid debit cards or his own online banking account. The scam ran between November 2007 and May 2008 until the fraud was detected. A joint US Secret Service and FBI investigation was launched, leading to Largent's arrest.

Largent's crimes have been widely likened to so-called salami-slicing scams as depicted in films such as Superman III and Office Space. ®

Beginner's guide to SSL certificates

Whitepapers

Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
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.
New hybrid storage solutions
Tackling data challenges through emerging hybrid storage solutions that enable optimum database performance whilst managing costs and increasingly large data stores.