Gullible investors sent a total of £1.5m to an online share tipster who claimed he had a computer program that delivered total returns of more than 105pc, Newcastle Crown Court heard this week.
But the doublingstocks.com website was run by a 16-year-old schoolboy, Alexander Hunter, now 21, who lives with his parents at Whitley Bay, North Tyneside. They had no idea what he was getting up to online.
New technology; same old human nature. Like most get-rich-quick schemes, it only made one person rich; its promoter.