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How two sixteen year old kids make $1.2million dollars from 'stock robot' fraud...

Discussion in 'Making Money' started by KingMonkey, Apr 21, 2012.

  1. KingMonkey

    KingMonkey Regular Member

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    Just read this article on BBC News. Interesting article about how some people made money and what can happen. Hopefully it's OK to post something like this in here. Worth a read....

     
  2. ok888

    ok888 Jr. VIP Jr. VIP Premium Member

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  3. BreakAllTheClocks

    BreakAllTheClocks Regular Member

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    lolol
     
  4. jrlar

    jrlar Junior Member

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    I think I remember seeing or hearing about this software a few years back when I was investing in penny stocks. I always had a feeling something was fishy about it. The old adage goes "If it sounds too good to be true, it probably is...."
     
  5. Ewan-L

    Ewan-L Regular Member

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    Fail.... This is beyond black hat.
     
  6. GoldNotes

    GoldNotes BANNED BANNED

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    Lol, definitely not worth the money
     
  7. cl4life

    cl4life BANNED BANNED

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    People never learn that scams involving stocks are always just asking for major trouble.
     
  8. exXtr@

    exXtr@ Power Member

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    haha this is some great stuff , can't believe ppl would fall for such a thing , all respect to those 2 guys
     
  9. brwipens

    brwipens Regular Member

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    "There is a sucker born every minute, and two to take him." - W.C. Fields.

    In this case, the suckers were 75,000 idiots in the USA and the two to take them were Michael Cohen and Carl Williamson.

    Go Darwin!
     
  10. coitza

    coitza Jr. VIP Jr. VIP Premium Member

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    if you present it the right way everything can sell for itself, this is exactly what they did, everybody wanted some good trading software but did not take the time to see what that means . Too bad they were scamming people, seem to be pretty smart kids, could have done something a lot better.
     
  11. accelerator_dd

    accelerator_dd Jr. VIP Jr. VIP Premium Member

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    There was something about forex and "robot" on clickbank if i am not mistaken. probably just a coincidence
     
  12. travanx

    travanx Regular Member

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    That's pretty funny. I wonder what gave them the idea to do this in the first place.
     
  13. jdstudio

    jdstudio BANNED BANNED

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    I thought this is what exactly what goldman sachs do daily. Any arrest on those guys?
     
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  14. DarthM

    DarthM Regular Member

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    Two reasons:

    1) Goldman Sachs are licensed by the FSA (UK equivalent of the SEC), so they are allowed to give financial advise. These guys are not.
    2) They engaged in a pump-and-dump scheme - buying stocks, recommending them to investors to inflate the price, and then selling them off before it collapses.

    The investors (most likely 'small fish') probably thought this 'robot' was an algorithmic trading program. However, they were naive to think that such technology is accessible to them.

    One of the most successful quantitative funds ever is the Medallion Fund, which solely uses algorithms to trade (no human traders). But they have a large team of 'quants' (i.e. mathematics and physics PHDs) who design the algorithms as well as sophisticated technology.
     
  15. knall

    knall Regular Member

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    Federal pounded in the ass prison isn't worth it.
     
  16. download

    download Jr. VIP Jr. VIP Premium Member

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    I read this yesterday, I think - what really cracked me up was that they knew no programming whatsoever and apparently posted on some freelancer site asking for someone to "make a program to pretend that it is analyzing thousands of stocks."

    Good idea if you want to be a criminal, but badly implemented on their part.
     
  17. JimmyWong

    JimmyWong Registered Member

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  18. limey

    limey Regular Member

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    Yep this was the robot on clickbank I bet. Had a great gravity rating.
     
  19. icemetal

    icemetal Junior Member

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    lol all these funny comments, I read this a few days ago, it's a shame, these kids could better use their time to browse through the forums here and legally earn some money, instead of scamming with fake software
     
  20. Ege123456789

    Ege123456789 Newbie

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    I agree.