Published On: Thu, Aug 13th, 2015

VIDEO Hackers stole secrets for up to $100 million insider-trading profit: U.S

"This is the story of a traditional securities fraud scheme with a twist.."

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An alliance of mainly U.S.-based stock traders and computer hackers in Ukraine made as much as $100 million in illegal profits over five years after stealing confidential corporate press releases, U.S. authorities said on Tuesday.

Prosecutors announced charges against nine people in an insider-trading case that marks the first time criminal charges have been brought for a securities fraud scheme involving hacked inside information, in this instance 150, 000 press releases from distributors Business Wire, Marketwired and PR Newswire.

“This is the story of a traditional securities fraud scheme with a twist – one that employed a contemporary approach to a conventional crime, ” FBI Assistant Director-in-Charge Diego Rodriguez said at a news conference.

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REUTERS

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