Dot Com Scammer Pleads Guilty

from the due-diligence-is-for-sissies dept

Apparently it was true that investors did no due diligence on their investments at the height of the dot com boom. That’s the only way I can understand how anyone could have given Robert Robb any money. It seems a number of investors were conned by Robb out of $4 million, as he claimed his online gambling startup was backed by Steve Ballmer, David Copperfield, and the heads of some top casinos. It turns out, of course, none of that was true. In fact, it’s not clear that Robb actually had any product. Instead, he took the $4 million, went to Vegas and gambled it away on $15,000 hands of blackjack. While many of the investments investors made over the past few years weren’t all that different than gambling in Vegas, that still doesn’t make this legal. After he ran through the money, Robb resorted to death threats to try to con more money out of his investors.

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