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CNET reports:

A California man may have figured out a novel way to make money at home with little effort, but the alleged penny-pinching scheme may land him in jail.

Michael Largent, of Plumas Lake, has been indicted on nine counts of fraud for allegedly creating thousands of accounts creating a script to open up more than 58,000 online brokerage accounts at E-Trade and using bogus information and aliases, including cartoon characters, reported on Tuesday.

As is customary when new accounts are linked to bank accounts, the brokerages sent “micro-deposits”–anywhere from 1 cent to $2–to verify that the bank account number and routing data were accurate, which totaled about $50,000, according to the indictment. He then allegedly transferred the money to pre-paid debit cards.

This guy must have graduated from the Lionel Richie school of trading:
(click through for audio)

Man accused of cheating E-Trade, Schwab in ‘penny-pinching’ scheme
Elinor Mills
May 28, 2008

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