Who's Laughing Now
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The 16-year old boy charged by the SEC with civil fraud has had the last laugh in the case. After paying is penalty of $285,000 he still managed to walk away with half a million dollars from the scheme. The boy made his money by buying low-priced stocks in large quantities, boasting about the stocks on financial message boards, and then selling the stocks within 24-hours after prices rose. This "pump and dump" scheme managed to make him an enormous amount of money before the SEC filed charges. In his "60 Minutes" interview, the boy said he made about $800,000 the SEC did not charge him for. He has already bought a Mercedes for his family.