21 September 2017
Visit http://response.ncr.com

'Microdeposit' fraudster pleads guilty to $50,000 wire transfer scam

22 May 2009  |  5206 views  |  0 digital fingerprints

A California man has pleaded guilty to stealing up to $50,000 from online brokerages by opening thousands of accounts using the names of cartoon characters.

Michael Largent of Plumas Lake, California, wrote a computer script to fraudulently open over 58,000 online brokerage accounts with false names, addresses and social security numbers at E*Trade, Schwab and elsewhere between November 2007 and May 2008.

Among the names he used were Johnny Blaze from Marvel Comic's Ghost Rider and Rusty Shackelford and Hank Hill from cartoon series King of the Hill.

Largent's script targeted the micro-deposits made by financial institutions when testing the functionality of a new account. The amounts deposited range from $0.01 to $2.00.

When the deposits occurred, Largent would transfer the funds into his own bank accounts or onto prepaid debit cards.

Sentencing is set for 13 August, 2009. The mail fraud and wire fraud charges carry a maximum penalty under federal law of 20 years in prison. The computer fraud charges carries a maximum penalty of five years in prison.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Payments scam nets fraudster $50,000 from online brokers

Payments scam nets fraudster $50,000 from online brokers

29 May 2008  |  5523 views  |  0 comments
US prosecutors file charges against offshore account hijackers

US prosecutors file charges against offshore account hijackers

12 March 2007  |  6986 views  |  0 comments
Canadian phishers in pump-and-dump probe

Canadian phishers in pump-and-dump probe

29 August 2006  |  7815 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.temenos.comvisit www.sibos.comdownload the paper now

Top topics

Most viewed Most shared
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
12188 views comments | 26 tweets | 41 linkedin
Equifax hack: Visa and Mastercard flag 200k compromised credit cardsEquifax hack: Visa and Mastercard flag 200...
10837 views comments | 6 tweets | 17 linkedin
Dutch bank sentences teenage DDoS culprit to community serviceDutch bank sentences teenage DDoS culprit...
9465 views comments | 6 tweets | 3 linkedin
Apple P2P payments service nears launchApple P2P payments service nears launch
8064 views comments | 18 tweets | 26 linkedin
UAE banks pool cyber security dataUAE banks pool cyber security data
8037 views comments | 5 tweets | 4 linkedin

Featured job

A minimum of £200K (not a limiting factor)
London

Find your next job