Source: National Cyber Security – Produced By Gregory Evans
Prosecutors have revealed the details of a scheme that saw stock traders and hackers team up to make as much as $100m (£64m) in illegal profits over five years. Charges were brought against nine people in an insider-trading case that involved the use of 150,000 press releases stolen from distributors Business Wire, Marketwired and PR Newswire before they were made public to make trades ahead of the curve. The group consists of mainly US-based stock traders and Ukrainian hackers and police arrested five in the USA yesterday, while international arrest warrants were issued for the other four. “This is the story of a traditional securities fraud scheme with a twist – one that employed a contemporary approach to a conventional crime,” Diego Rodriguez, FBI assistant director-in-charge, said at a news conference. Prosecutors said the Ukraine-based hackers were given ‘shopping lists’ of press releases containing sensitive corporate information by the traders, which they then stole in return for a portion of the profits from trades based on them. An indictment in Brooklyn charged four traders: Vitaly Korchevsky, 50, a former hedge fund manager from Pennsylvania; Vladislav Khalupsky, 45, of Brooklyn and Odessa, Ukraine; and Leonid Momotok, 47 and Alexander Garkusha, 47, […]
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