"In 2001, Schmitz purchased $375,000 worth of shares of the nearly bankrupt company LetsBuyIt.com and subsequently announced his intention to invest 50 million in the company.[20] Unknown to others, Schmitz did not have the funds available to invest, although the announcement caused the share value of LetsBuyIt.com to jump by nearly 300%.[21] Schmitz quickly sold the shares and profited $1.5 million as a result."
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