Bangalore: Scandals of any kind are sensational, whichever field they are in, and the field of technology has had its share of them. The most recent of scams in the dotcom world, involving Kim Schmitz, (also known as Kim Dotcom) -- the founder of Megaupload, caused ripples that reached far and wide especially because while Megaupload at its peak was estimated to be responsible for 4 percent of all internet traffic. Here are some of the most unforgettable scams of technology:
1. Kim Schmitz, a former hacker, was previously known to be responsible for insider trading, and selling stolen calling cards obtained from hackers. SOPA-PIPA protestors opposed the shut-down of the Megaupload site, citing censorship, but U.S. authorities contacted officials in New Zealand (where Schmitz was staying), in order to extradite him because he allegedly copied and distributed music, videos, and other copyrighted content without obtaining authorization, a “scheme” that earned him more than $175 million without authorization. Reuters reported sources claimed the German national had a luxurious lifestyle, stating the installation of underwater speakers and a custom ladder in a pool that contained imported spring water.
2. Bernard Ebbers, the founder of WordCom, the second largest long-distance phone in the United States in the year 2000, was found guilty of falsely inflating the company’s returns and stock-price, thus resulting in an $11 billion dollar accounting fraud and consequent plunge that was destructive to investors. He was convicted of conspiracy and securities fraud in 2005, when he was 65 years old, and received a 25 year sentence.
Data Source: Silicon India
1. Kim Schmitz, a former hacker, was previously known to be responsible for insider trading, and selling stolen calling cards obtained from hackers. SOPA-PIPA protestors opposed the shut-down of the Megaupload site, citing censorship, but U.S. authorities contacted officials in New Zealand (where Schmitz was staying), in order to extradite him because he allegedly copied and distributed music, videos, and other copyrighted content without obtaining authorization, a “scheme” that earned him more than $175 million without authorization. Reuters reported sources claimed the German national had a luxurious lifestyle, stating the installation of underwater speakers and a custom ladder in a pool that contained imported spring water.
2. Bernard Ebbers, the founder of WordCom, the second largest long-distance phone in the United States in the year 2000, was found guilty of falsely inflating the company’s returns and stock-price, thus resulting in an $11 billion dollar accounting fraud and consequent plunge that was destructive to investors. He was convicted of conspiracy and securities fraud in 2005, when he was 65 years old, and received a 25 year sentence.
Data Source: Silicon India
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