Forbes did an article on search arbitrage Friday featuring interviews of Jeremy Shoemaker and Michael Gray. Shoemaker said he had made $2 million over the past two years arbitraging Google.
"He (Shoemaker) estimates that around 50 people are earning more than $1 million a year from Adwords arbitrage, some making several million a month. Web marketers following the scheme agree Schoemaker's estimates are in the ballpark," Forbes wrote.
The story reported Shoemaker said he uses cloaking to show searchers a page of ads while the Google spider sees other content.
According to Shoemaker the Forbes reporter misinterpreted him. His reply can be found here.