Source: National Cyber Security – Produced By Gregory Evans
As told by federal authorities, it was the ultimate cyber-era criminal mash-up: an elaborate computer hacking operation to enable a global and lucrative insider trading scheme. In one of the most sweeping cases yet involving securities fraud and computer crime, prosecutors and the Securities Exchange Commission unveiled what they said was a long-running scheme to profit from yet-to-be-released corporate earnings, deals and other market-moving data. The scheme, spanning from Ukraine to the U.S., involved the alleged hacking of business news wire services to pull inside information from pending but still private press releases and other documents so that rogue traders could get a jump on buying or selling shares before breaking news moved the stock prices. The indictments, filed in U.S. District courts here and in Brooklyn, N.Y., accused a foreign-based hacking network of downloading more than 150,000 press releases for traders in the U.S. and elsewhere. The traders paid the hackers a flat rate or a percentage of the profits, the indictments alleged. A companion civil case filed by the SEC included a wider network of defendants including hackers, traders and small securities firms in places such as Moscow, Paris, Cyprus and Malta. In all, the scheme netted more […]
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