STRATEGIC PARTNERS
October 13, 2002
MUNICH, Germany -- A 71-year-old German inventor who designed a security system
for ATMs that several banks rejected was convicted of counterfeiting bank cards, including one belonging to a judge working on his case, according to an Associated Press report.
The unidentified man on Oct. 11 was sentenced in Munich state court to four years and 10 months in prison for counterfeiting 671 cards and using them to make illegal withdrawals. The investigating judge was taken off the case after discovering she was among the victims.
Nicknamed "The Professor," the man secured a patent three years ago for a system to make cash withdrawals from bank ATMs more secure, but several banks allegedly turned it down because it was too expensive.
According to the AP report, the disgruntled inventor then turned his expertise against the banks, faking the cards and withdrawing cash from ATMs.
