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Old 04-24-2012, 01:43 PM
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Stock Picking Robot Scams

The brothers also are accused of running a related con offering their services as stock promoters.

It sounded far-fetched -- a "stock-picking robot" that could identify penny stocks poised to double in price.Turns out, it was.

Federal regulators filed a civil complaint Friday against 20-year-old twin brothers in Britain, claiming that they duped 75,000 people -- mostly Americans -- into paying $47 each to get stock tips from a robot named Marl. They told investors that Marl ran on a computer code written partly by a onetime Goldman Sachs programmer who didn't exist, the Securities and Exchange Commission said.
Alexandar John Hunter and Thomas Edward Hunter launched the scheme in 2007, when they were just 16, and took in at least $1.2 million from gullible investors, the SEC said.
And that was just the half of it, according to the federal complaint. The brothers also are accused of running a related con offering their services as stock promoters, claiming they could "rocket" a stock's price by touting it to subscribers in their newsletter.
The SEC said the Hunters were paid at least $1.9 million by "known or suspected stock promoters" to push their shares. This they did -- to the clients who had signed up for Marl the robot's stock-picking predictions, the agency said. Whole Story
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