Man Allegedly Bilks E-trade, Schwab of $50,000 by Collecting Lots of Free 'Micro-Deposits'
Talk about abuse of functionality! Doesn't look like this guy did much to fly under the radar either. He was opening THOUSANDS of accounts per day with these brokers. In some cases, he even linked fraudulent accounts and accounts opened with his real personal details to the same bank account.
The best part, in my opinion, is that he did the same thing the Google checkout service, seemingly within their terms of service:
"When the bank asked Largent about the thousands of small transfers, he told them that he'd read Google's terms of service, and that it didn't prohibit multiple e-mail addresses and accounts. 'He stated he needed the money to pay off debts and stated that this was one way to earn money, by setting up multiple accounts having Google submit the two small deposits.'
The Google caper is not charged in the indictment. (.pdf)"
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