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High schooler made $300,000 trading penny stocks from his smartphone in class
Posted on 12/4/14 at 2:37 am
Posted on 12/4/14 at 2:37 am
LINK
quote:
It was just a few weeks into the new school year when Connor Bruggemann decided to play sick. He holed up in his bedroom, shut the door, and opened his laptop. Over the summer his father had opened an Etrade account for him, using around $10,000 Bruggemann had saved up over two years working as a busboy and waiter at a local BBQ joint. At first Bruggemann had used that cash to buy some big, well-known stocks: Apple, Verizon, and a few others. But today was different. One by one he liquidated those positions and put almost everything he had into American Community Development Group Inc, ticker sign ACYD, a penny stock selling for $.003 a share.
Over the next year Bruggemann would turn that $10,000 into more than $300,000, principally trading penny stocks, a practice rife with risk, fraud, and wild swings of fortune. He took off school that day, but for most of the time when Bruggemann was trading, he was also a 16-year-old high school junior in Wyckoff, New Jersey. With his iPhone in hand, Bruggemann would buy and sell six figures of stock from his lunch table, the bathroom, and, occasionally, on the sly while sitting at his desk.
8
Posted on 12/4/14 at 4:39 am to saintforlife1
... and the next year he lost a sh*t-ton of money.
Posted on 12/4/14 at 6:28 am to saintforlife1
and someone wins the lottery every single week
Posted on 12/4/14 at 6:39 am to saintforlife1
I wish my students were doing THIS in class rather than acting like fools...
Posted on 12/4/14 at 9:07 am to saintforlife1
What happens when a 16 year old loses money from online trading? Can the 16 year old claim to be a minor and have the trades voided?
Posted on 12/4/14 at 9:35 am to Poodlebrain
The father is the account custodian. He'd be responsible.
I imagine an adult is required to open these accounts. A minor could probably pull it off and commit fraud, but of course, that's always the case with anything.
I imagine an adult is required to open these accounts. A minor could probably pull it off and commit fraud, but of course, that's always the case with anything.
This post was edited on 12/4/14 at 9:37 am
Posted on 12/4/14 at 9:38 am to saintforlife1
Posted on 12/4/14 at 9:47 am to Teddy Ruxpin
quote:
I imagine an adult is required to open these accounts. A minor could probably pull it off and commit fraud, but of course, that's always the case with anything.
I remember trying to open a trading account when I was 16 on Fidelity, and it wouldn't let me, so I had to trade through my dad's account. I probably made 20 trades in a month and had a net of $0
Good learning experience though.
Posted on 12/4/14 at 10:07 am to saintforlife1
Doesn't sound like he has any sound strategy. Just gut instinct and a few good hits. Like a amateur poker player hitting all the right hands early.
Posted on 12/4/14 at 3:16 pm to saintforlife1
quote:
He had listened to a conference call where the CEO announced it would buy back shares of the company to try and spur the price towards 1 cent a share. Four days later, Bruggemann accumulated a position of several million shares at the price of roughly one-third of a penny each. Four days after that, the company officially announced its share buyback program,
He, his parents, and anybody impressed by this article should read up on Jonathan Lebed, an earlier penny stock prodigy scamster.
Pump and dump is an old story.
Posted on 12/4/14 at 3:26 pm to bayoubengals88
Maybe you should teach them about different markets for investing. They will probably love it.
Posted on 12/4/14 at 4:20 pm to I Love Bama
Pshhh. Not these kids...
I am however going to ask to teach a personal finance class for juniors/seniors next year. I would thoroughly enjoy that, and they would greatly benefit.
I am however going to ask to teach a personal finance class for juniors/seniors next year. I would thoroughly enjoy that, and they would greatly benefit.
Posted on 12/5/14 at 9:53 am to foshizzle
quote:
... and the next year he lost a sh*t-ton of money.
Matter of time with penny stocks. Assuming he's staying with trading his whole acct in penny stocks.
Posted on 12/5/14 at 12:47 pm to saintforlife1
....and on April 15th his taxes are going to suuuuuuuuuuuuuuuuuuuuuuuuuuuck
Posted on 12/5/14 at 1:20 pm to ironsides
Lets see him do that again with penny stocks..
Posted on 12/6/14 at 8:27 am to bayoubengals88
quote:
I am however going to ask to teach a personal finance class for juniors/seniors next year.
It is a crime that this shite isn't taught anyways.
Posted on 12/7/14 at 11:07 am to jmarto1
Double post
This post was edited on 12/7/14 at 11:11 am
Posted on 12/7/14 at 11:10 am to jmarto1
quote:
quote:I am however going to ask to teach a personal finance class for juniors/seniors next year. It is a crime that this shite isn't taught anyways.
Agreed. High school kids should be taught the ins and outs of home loans, car loans, credit cards just as a start. They should also be shown how a pay check is taxed and the burden business' have for having an employee.
They should also be taught about buying and selling stock, mutual fund fee structures, capital gains taxes etc.
Posted on 12/7/14 at 3:48 pm to LSUShock
quote:
Doesn't sound like he has any sound strategy. Just gut instinct and a few good hits. Like a amateur poker player hitting all the right hands early.
Penny stocks. Is there any other way?
Posted on 12/7/14 at 9:15 pm to foshizzle
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