Feeds

California man jailed for E*Trade skim scam

Salami-slice fraudster heads for the can

Choosing a cloud hosting partner with confidence

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. ®

Choosing a cloud hosting partner with confidence

More from The Register

next story
UK smart meters arrive in 2020. Hackers have ALREADY found a flaw
Energy summit bods warned of free energy bonanza
DRUPAL-OPCALYPSE! Devs say best assume your CMS is owned
SQLi hole was hit hard, fast, and before most admins knew it needed patching
Knock Knock tool makes a joke of Mac AV
Yes, we know Macs 'don't get viruses', but when they do this code'll spot 'em
Feds seek potential 'second Snowden' gov doc leaker – report
Hang on, Ed wasn't here when we compiled THIS document
Mozilla releases geolocating WiFi sniffer for Android
As if the civilians who never change access point passwords will ever opt out of this one
Why weasel words might not work for Whisper
CEO suspends editor but privacy questions remain
prev story

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.
Getting started with customer-focused identity management
Learn why identity is a fundamental requirement to digital growth, and how without it there is no way to identify and engage customers in a meaningful way.
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.
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
Website security in corporate America
Find out how you rank among other IT managers testing your website's vulnerabilities.