By Pia Heikkila, 30 May 2002 14:40
NEWS Kim "Kimble" Schmitz, German hacker, shameless self-publicist and one-time backer of Letsbuyit.com, has been convicted of insider dealing. Schmitz's company, Kimvestor, originally invested money in Letsbuyit.com to rescue the ailing dot-com. The company's share price rose 150 per cent on the news, but Schmitz then sold all of his shares the following day. A Munich court handed Schmitz a 20-month suspended sentence for manipulating the company's share price in order to gain E1.2m (£750,000). In January Schmitz announced he was going to commit suicide, a statement which later proved to be a tasteless publicity stunt. He now goes by the name 'King Kimble the first, Ruler of the Kimpire'.
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