It seems that a trio of hackers from Indonesia and Malaysia have been arrested and charged with operating an international `pump and dump' scam with a twist - hacking a number of online brokerage accounts.
There's nothing new about pumping and dumping stock - basically you use whatever means possible to talk up or even buy a stock, having purchased an option to buy at a fixed price and, when the price rises, you sell, making a nice profit.
The trio of hackers apparently decided that they would hack into a number of brokerage accounts and use the accounts to leverage their profits.
Of course, 'cos the accounts were hacked, it didn't really matter whether the stocks purchases lost any value, as it wasn't the hacker's own dosh involved, was it?
The US Department of Justice says that at least 60 customers and nine brokerage firms across the US have been identified as victims of the scam, and have lost at least $2 million between them.
The DoJ says this is the first case involving people arrested overseas in connection with an online brokerage intrusion scheme carried out in the US.
"These new forms of high-tech identity and securities fraud pose serious risks to investors and brokerage firms across the globe," Assistant Attorney General Alice Fisher said in a press statement...