Schmitz convicted of insider trading Self-proclaimed uber hacker Kim 'Kimble' Schmitz was yesterday convicted of insider trading and sentenced to 20 months probation and a €100,000 fine. Schmitz, who was arrested by authorities while on the run in Thailand in January, had been deported to Germany to face the music over stock manipulation charges.
The 28 year-old 'convicted hacker' was found guilty of insider trading of LetsBuyIt.com shares, a ruse designed to net him €1.1m. In a publicity move, which soon became a trademark of the hacker-entrepreneur, Schmitz appeared to bail the floundering website out of its debt, sending the company's shares rocketing by 150 per cent. But one day later Schmitz sold his shares at a huge profit. Today, LetsBuyIt.com shares are practically worthless. Schmitz's hacker antics were then discovered to be largely fabrications pulled from Hollywood movies.
News source: vnunet.com
View: The Full Story