Submission + - Take a penny, steal a penny, financial fraud
jollyreaper writes: A California man has been indicted for an inventive scheme that allegedly siphoned $50,000 from online brokerage houses E-trade and Schwab.com in six months — a few pennies at a time.
Michael Largent, of Plumas Lake, California, allegedly exploited a loophole in a common procedure both companies follow when a customer links his brokerage account to a bank account for the first time. To verify that the account number and routing information is correct, the brokerages automatically send small "micro-deposits" of between two cents to one dollar to the account, and ask the customer to verify that they've received it.
The suspect is alleged to have tried to patent this business practice. However, he was not the first to try this, having seen depiction on the silver screen in movies such as Office Space. The US Patent Office rejected the patent, specifically citing Superman III and Gus Gorman's scheme as an example of Pryor art.