Legal Issues

by Mike Masnick

Teen Made $1 Million In Online Scam

from the now-give-back-$900,000 dept

Remember the kid who made over $750,000 in an online stock scam and then only had to pay $250,000 in fines. Well, maybe the SEC is learning their lesson. They've now caught another teen who made $1 million by getting suckers to "pool" their money in an online casino betting deal. This time, they've made him agree to pay back at least $900,000. What I can't figure out is who these gullible people are who willingly paypal money over to some random person promising 2,500% returns (yes, 2,500%) on an internet discussion group.

Reader Comments (rss)

(Flattened / Threaded)

  1. identicon
    Gadders, Jan 9th, 2002 @ 6:05am

    The Future Just Happened

    You should read The Future Just Happened by Michael Lewis to get an overview of what happened with the first kid.

    reply to this | link to this | view in thread ]

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