Thank the (insert deity)! It’s about time some one did something about these “pump-and-dump” email stock scams. They have certainly been trying on my spam filters. I noticed an odd (dramatic) drop in blog spam as of this past Saturday.
Earlier in the week the SEC won an emergency court order freezing assets in a Latvian-based bank’s trading account that allegedly was used in “pump and dump” manipulation of shares in 15 different companies, the SEC said in a separate statement Wednesday.
As part of the pump-and-dump scheme, online brokerage accounts at seven firms were breached and used to manipulate the market and boost the price of specific stocks, the SEC said. Through this technique, the unknown hacker-traders generated $732,941 in illicit profits and cost U.S. brokerages some $2 million in losses, the SEC said.
I’m very happy to see some action on this front.
[tags]SEC, Spam, Hackers, Pump and Dump, Stock Scam[/tags]
