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Insider Trading: SEC Describes $4.1 Million Hacking Scheme

Insider Trading: SEC Describes $4.1 Million Hacking Scheme Ukrainian Hacker Charged With Stealing Nonpublic 'Test Files' for 8 Traders Mathew J. Schwartz (euroinfosec) • January 16, 2019 Source: SEC

The U.S. Securities and Exchange Commission has charged seven individuals and two organizations with being part of an international scheme that hacked the SEC's EDGAR document system, stole nonpublic corporate information and used it to illegally earn $4.1 million via insider trading.

See Also: The Role of Threat Intelligence in Cyber Resilience

In a parallel action, the New Jersey U.S. Attorney's Office on Tuesday unsealed a 16-count criminal indictment charging two Ukrainian individuals with wire fraud, securities fraud and computer fraud, among other charges.

The SEC's complaint accuses a Ukrainian man of hacking, and working with six individual traders in California, Ukraine and Russia, as well as two organizations, to perpetrate the hacking and insider-trading scheme in...(continued)

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