US charges British twins over $1.2m 'stock robot' fraud

[dipsydoodle]

Source: BBC News

Twin brothers from England face US civil charges for allegedly defrauding investors out of $1.2m (£745,000) through a bogus stock-picking robot.

Alexander and Thomas Hunter, of Whitley Bay, North Tyneside, were aged 16 when, in 2007, they devised the scheme of the robot, dubbed Marl, say US officials.

The Securities and Exchange Commission said the stocks "picked" were actually firms that paid the twins hefty fees.

The Hunters allegedly snared about 75,000 investors, mostly in the US.



Read more: http://www.bbc.co.uk/news/world-us-canada-17794272

[Devil_Fish]

1. I don't see a crime here.

Any one stupid enough to subscribe to one of these schemes gets what they deserve.

[lupulin]

3. You must love the lottery

[muriel_volestrangler]

6. It was fraud - they claimed it was an algorithm, when they were really paid by companies

to push their stock.

[Devil_Fish]

2. Whats really funny is that the google ad for this thread is another gewt ritch quick in the stock

market rip off. Hey feds, go after that one too!!!.

[Speck Tater]

4. It could be argued that...

... by protecting the stupid we have thrown a monkey wrench into the mechanisms of evolution and put an end to human progress.

[Historic NY]

5. Oh yes, a stock picking robot.....