Hackers Broke Into an SEC Database and Made Millions from Inside Information
January 16th, 2019Background:
Insider Crimes, Funny Money and Options Rackets
They Made a Killing: The Use of Knowledge of Covert Operations in the Stock Market
I’m practically positive that there are roomfulls of traders with TS/SCI clearances who do this on a level that is unthinkable to even the most sophisticated crooks on the outside.
My guess is that there would be so much inside information available that the spooks would need additional roomfulls of MBAs to sift through this “pre-news” to determine which trades would provide the biggest bang for the buck.
$4.1 million…
*pfft*
Via: CNBC:
Federal prosecutors unveiled charges in an international stock-trading scheme that involved hacking into the Securities and Exchange Commission’s EDGAR corporate filing system.
The scheme allegedly netted $4.1 million for fraudsters from the U.S., Russia and Ukraine. Using 157 corporate earnings announcements, the group was able to execute trades on material nonpublic information. Most of those filings were “test filings,” which corporations upload to the SEC’s website.
The charges were announced Tuesday by Craig Carpenito, U.S. Attorney for the District of New Jersey, alongside the SEC, the Federal Bureau of Investigation and the U.S. Secret Service, which investigates financial crimes.
