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US Charges English Twins Over $1.2m 'Stock Robot' Fraud

Posted by timothy on from the not-all-english-twins-of-course dept.

peetm writes "Twin brothers from England face U.S. civil charges for allegedly defrauding investors out of $1.2m (£745,000) through a bogus stock-picking robot. The twins, Alexander and Thomas Hunter, were just 16 years old when they devised the scam — which fooled around 75,000 people, according to U.S. officials."

2 of 114 comments (clear)

  1. Re:Had to read the article... by Anonymous Coward · · Score: 5, Interesting

    "Nope"

    Yes they did.
    GS recommended and sold products that they internally classified as "shitty" - while at the same time they betted on the dropping of value of those product. As expected the value of those products did drop, GS clients lost big and GS itself won big.
    It's insider trading at the highest level.

    Sen. Levin Grills Goldman Sachs Exec On "Shitty Deal" E-mail
    http://www.youtube.com/watch?v=gLx2Xc1EXLg

  2. unregulated by Tom · · Score: 4, Interesting

    Their main legal mistake was that they were providing unregulated financial advise.

    Other than that, their business wasn't all that different from most of the others. Pretty much everyone in the financial market, big bank or small trading company, is bordering on outright fraud. Yes, I have bit of insider knowledge, from long before the crash. This has been going on for quite a while.

    --
    Assorted stuff I do sometimes: Lemuria.org