British teen twins faked robot in stock fraud | Forex Factory

  • British teen twins faked robot in stock fraud

    From reuters.com

    A pair of British twins who as teenagers claimed their stock-picking robot could unearth penny stocks ready to soar were sued on Friday by the U.S. Securities and Exchange Commission, which called the robot fake and the twins' fraud real. The SEC said Alexander John Hunter and Thomas Edward Hunter, who ran the now defunct Global Marketing Corp, defrauded more than 75,000 investors who paid more than $1.2 million (744.5 thousand pounds) to learn about the picks by the robot, dubbed "Marl." According to the regulator, the brothers hatched the scheme in 2007, when they were 16. They are now 20. Eric Bruce, a lawyer for ... (full story)

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rangebound
Apr 21, 2012 12:45am
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The sadest part though is not that they stole a couple of hundred quid from thousands of people, rather that they will now go to prison whilst the GSacks / JP Morgan / MF GLobal 's of this world just carry on stealing thousands from millions of people and then get handouts and pats on the back
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iono
Apr 20, 2012 10:30pm
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What's interesting is that people were calling fraud when they started. Years back I was on another message board, one guy joined to check it out and said the so called robot program was B.S......I can't believe how long it has taken with so many people screaming B.S.....kind of like all these forex robots...
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eyeball
Apr 21, 2012 4:44am
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Complain ,complain, complain.
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Trader#D458
Apr 21, 2012 8:42am
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i must admit I bought into this scam 3years ago and only received 2 or 3 emails with their penny stock picks. I believe it is your typical pump and dump because the stocks would increase sometimes as much as 400% but by the time that you get in it is already going back down and you get burnt big time.

although I do not condone what these twins did, i do marvel at their genius at such a young age of 16- i consider that brilliant... but that does not justify scamming thousands - it is just something you can not do otherwise you will pay the price big time.
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