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US charges hackers, traders over alleged insider trading scheme
Published in Saudi Press Agency on 12 - 08 - 2015

Thirty-two people have been charged over an alleged
scheme to use stolen, unpublished news releases to make millions on
illegal stock trades, US authorities said Tuesday, according to dpa.
The US Securities and Exchange Commission (SEC) said the alleged
conspiracy netted 100 million dollars over several years and was one
of the most intricate and sophisticated they had ever seen.
The defendants include four traders and five alleged hackers indicted
separately by grand juries in New York and New Jersey on securities
fraud, money laundering and other charges.
The four traders controlled large brokerage accounts for major US
investment companies such as Fidelity, TD Ameritrade and Merrill
Lynch, the indictment said.
According to the SEC, Ivan Turchynov and Oleksandr Ieremenko, both
residents of Ukraine, are suspected of spearheading the scheme.
They hacked into newswire services and stole hundreds of corporate
earnings announcements before the newswires released them publicly.
The SEC charged that Turchynov and Ieremenko sent the stolen data to
traders in Russia, Ukraine, Malta, Cyprus, France and the United
States, who placed illicit trades in stocks, options and other
securities.
According to the SEC, Turchynov and Ieremenko hid the intrusions by
using proxy servers to mask their identities and by posing as
newswire service employees and customers. The complaint charges that
the traders sometimes paid the hackers a share of their profits for
the information.
"This cyber hacking scheme is one of the most intricate and
sophisticated trading rings that we have ever seen, spanning the
globe and involving dozens of individuals and entities," said Andrew
Ceresney, director of the SEC's division of enforcement.
At least five men were arrested Tuesday morning, according to news
reports. Most of the defendants are originally from Ukraine or
Georgia.


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