King of the Hill Fraud using E*TRADE, Charles Schwab, and Google

You can't make up something this good. A 22-year-old man has received 15 months in prison and must pay back $200,073 after trying to open more than 58,000 accounts with E*TRADE (NASDAQ:ETFC), Charles Schwab (NASDAQ:SCHW) and Google (NASDAQ:GOOG) in the names of characters from the King of the Hill TV show (among others). The scheme was to steal the "micro-deposits," from 1 cent to $2, that firms make to test account functionality.

Enjoy the story -- A Plumas Lake man who defrauded E-Trade, Charles Schwab & Co. and Google by stealing "micro-deposits" financial institutions make when an account is opened has been sentenced to 15 months in prison and must pay back $200,073.

Michael Largent, 22, was sentenced by a federal judge who wondered why Largent didn't use his computer skills lawfully, the U.S. Attorney's Office in Sacramento said Thursday.

The United State Secret Service and the Federal Bureau of Investigation investigated the case, the office said.

Largent opened, or attempted to open, more than 58,000 brokerage accounts with the intent of stealing "micro-deposits" that firms make to test the functionality of accounts. Largent transferred the deposits, which ranged from 1 cent to $2, to his own bank account or prepaid debit card, the office said.

Between November 2007 and May 2008, Largent obtained, or attempted to obtain, more than $50,000 that he used for personal expenses.

E-Trade and Charles Schwab & Co. Inc. detected the fraud and notified law enforcement independently of each other, according to the office.

Largent used false names, addresses, driver's license numbers, and Social Security numbers, including the names of known cartoon and comic book characters, inlcuding several from TV show "King of the HIll," to open the accounts, the U.S Attorney said. He transferred the deposits into his own bank accounts or onto prepaid debit cards, according to the federal agency.