Fast Food Worker Tries $1 million Scam on Broker. Loses his job, Broker keeps the profits.

[Saluki]

 

I don't know what this kid was thinking.  But if the account is in your name, then so is the indictment. He's lucky that they closed him out the next day for a small profit. If he had lost money, then it wouldn't just be the SEC involved, they would probably have had him arrested. 

 

https://finance.yahoo.com/news/pretzel-shop-worker-committed-1-201647808.html

 

https://www.sec.gov/litigation/litreleases/lr-25816

 

 

[rkbabang]

2 hours ago, Saluki said:

 

I don't know what this kid was thinking.  But if the account is in your name, then so is the indictment. He's lucky that they closed him out the next day for a small profit. If he had lost money, then it wouldn't just be the SEC involved, they would probably have had him arrested. 

 

https://finance.yahoo.com/news/pretzel-shop-worker-committed-1-201647808.html

 

https://www.sec.gov/litigation/litreleases/lr-25816

 

 

Wow I didn’t realize that brokerages would give you access to margin on an empty account based in a deposit that hasn’t even cleared yet.  Sure most people aren’t scammers, but that seems risky. The guy only claimed to make $50k/yr and they were advancing him $200k.

 

[Spekulatius]

16 minutes ago, rkbabang said:

Wow I didn’t realize that brokerages would give you access to margin on an empty account based in a deposit that hasn’t even cleared yet.  Sure most people aren’t scammers, but that seems risky. The guy only claimed to make $50k/yr and they were advancing him $200k.

 

This guy did it all wrong. He should have gambled with one day options instead. They either work or they don't before the check bounces.

Edited August 30, 2023 by Spekulatius

[Parsad]

He also had Resolute Forest Products in the portfolio!  Maybe he came on here and listened to some of you guys.    Cheers!