Well-known hacker Andrew "Weev" Auernheimer, who released thousands of iPad users' email addresses to point out a flaw in AT&T's servers, is starting a hedge fund.

His fund will be called "TRO LLC" (clever) and the primary strategy will be to short companies.

"The underlying theme is generating financial intelligence from the computer underground and internet communities," he told CNBC.

He continued: "And there's a number of strategies here, but short is definitely the most dramatic. And our primary strategy is to identify a company that has liabilities that no one knows about yet, and so far as information security and taking a leverage position in put options on their stock, and then releasing information on those outstanding liabilities to the public."

He's not going to be hacking companies, though.

"First we probe the public surface of a company. And second, we take a look and we actually watch hackers — foreign hackers like the Russian Business Network and find out what they're doing. There's another company in New York it's called Consumer Bell...and they do what we do, but for really old boring products — like finding food that has mold in it that makes children sick, when a car company that has a car that hurts people, the stock value droppings or when a software or cloud company has a similar problem, their stock is going to drop, too."

Auernheimer also told CNBC that he already has interested investors. The first offering will be in August.

Auernheimer got out of prison earlier this month after his conviction was vacated. He had served 13 months after being sentenced to 41 months

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