Apparently Wall Street traders are looking like they have egg on their face as they’ve just been told they have invested roughly $1.2 million dollars in a fake robotic stock picking scam.

The crime allegedly perpetrated by a couple of 16 year old kids over seas in Britain seems reminiscent of recent hoaxes which have already damaged the world’s financial markets and has sent the G7 reeling from the punch.

The Hunters drew roughly 75,000 investors, who were promised stock tips generated by a sophisticated program. The investors, most of them in the United States, paid at least $1.2 million for newsletters revealing the robot’s insights and a “home version” of the robot software.

Read more about it on Yahoo! Financial.

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