Teenage Kid Scams $500,000 Through Pump And Dump
Check out the incredible story of Jonathan Lebad, master stock manipulator who was just 14 years old when he made $800,000 through online pump and dump schemes for various stocks he bought. This was during the Dot-com era in 1999 and 2000 and even the SEC tried to shut him down, but couldn’t because he hadn’t really broken any laws. Read the story here.
The SEC backed down because he hadn’t really broken any laws. All he did was post about 200 messages a day pumping each stock he bought and then selling it when it had gone up substantially. There isn’t really anything illegal about that. The SEC settled with him to the tune of $285,000 and he walked away with $500,000. Nice chunk of change to have when you’re 15!!!!
On another note, CEO of Computer Assassins[ahem, I mean Associates](ticker symbol:CA) Sanjay Kumar was sentenced to 12 years in jail & $8 million fine for accounting fraud and obstruction of justice. He could get out as early at 2016 if he promises to behave and not pull any more scams!
Wasn’t there a mother who murdered her new born infant and got 2 years in jail??? Should white collar crimes carry a more severe punishment than murder or violent crimes???
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