SEC: Hacker Manipulated Stock Prices
- By David Kravets
- March 16, 2010 |
- 2:14 pm |
- Categories: Crime, Hacks and Cracks, The Courts
U.S. regulators are moving to freeze the assets and trading accounts of a Russian accused of hacking into personal online portfolios and manipulating the price of dozens of stocks listed on the Nasdaq Stock Market and New York Stock Exchange.
A New York federal judge on Tuesday sided with the Securities and Exchange Commission and froze the assets of Broco Investments, believed to be a one-trader operation based in St. Petersburg, Russia. The SEC said Broco capitalized by artificially moving prices of more 38 thinly traded securities — enabling Broco to profit from up-or-down price swings.
Read More http://www.wired.com/threatlevel/2010/03/manipulated-stock-prices/#ixzz0j1qHL7R5
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