Man Arraigned for Setting Up 58,000 Brokerage Accounts
Comic book and cartoon characters got their own portfolios
The FBI and the Secret Service Wednesday arraigned a 22-year-old man on charges that he opened more than 58,000 fraudulent accounts on E*Trade, Charles Schwab, and other online brokerage services.
According to the Department of Justice, Michael Largent collected some $50,000 by stealing the "micro-deposits" that are used to verify information in new brokerage accounts.
Larget opened the accounts using false names, addresses, driver's license numbers, and Social Security numbers -- "including the names of known cartoon and comic book characters," the DOJ said. When the deposits took place, Largent transferred the tiny sums into his own bank accounts and onto pre-paid debit cards.
Largent faces a maximum of 25 years in prison for mail fraud, wire fraud, and computer fraud.
— Tim Wilson, Site Editor, Dark Reading
About the Author
You May Also Like
How to Evaluate Hybrid-Cloud Network Policies and Enhance Security
September 18, 2024DORA and PCI DSS 4.0: Scale Your Mainframe Security Strategy Among Evolving Regulations
September 26, 2024Harnessing the Power of Automation to Boost Enterprise Cybersecurity
October 3, 202410 Emerging Vulnerabilities Every Enterprise Should Know
October 30, 2024
State of AI in Cybersecurity: Beyond the Hype
October 30, 2024[Virtual Event] The Essential Guide to Cloud Management
October 17, 2024Black Hat Europe - December 9-12 - Learn More
December 10, 2024SecTor - Canada's IT Security Conference Oct 22-24 - Learn More
October 22, 2024