Associated Press

Detroit, January 31:

Federal authorities say a 20-year-old former Kmart cashier used a rubber stamp, laptop computer and old payroll check to hatch a stock-acquisition scheme that could have cost the Michigan retailer millions. Eduardo A Portero of Miami pleaded guilty to eight counts of federal securities and mail fraud this month, and could face about 12 years in prison, his lawyer said. The FBI said Portero set up dozens of bank and trading accounts in Bermuda, Switzerland and other foreign countries using at least four aliases.