Re: SEC: Russian Trader Used Stolen Passwords

[Nick FitzGerald <nick () virus-l demon co uk>]

ferg wrote:

<<snip>>
> The commission said the trader, Evgeny Gashichev, who was trading though an
> account of Grand Logistic, a Belize corporation based in Estonia, had used
> the Internet to steal passwords of account holders at online brokerage
> firms, among them E*Trade Securities, TD Ameritrade and Scottrade.
>
> The commission said Gashichev would buy, through his own account, shares in
> a thinly traded company. Immediately afterward, he would use the accounts
> of victims to buy large amounts of the stock, driving up the price. He
> would then sell his shares into that demand. In some cases, he would then
> sell the stock short, profiting further when the price declined.

Interesting story -- thanks ferg!

The only thing that really surprises me though is that it has taken 
this long for such a combination of techniques to be reported...


Regards,

Nick FitzGerald

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