The weapons of mass distraction - UK minister Jack Straw, obviously distracted
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Hacker makes a fortune on the stock exchange
US REGULATORS have frozen the assets of a Russian who they believe made a killing on the stock exchange by hacking servers.
According to Wired, a federal judge in New York granted a petition from the US Securities and Exchange Commission (SEC) and froze the assets of Broco Investments.
Broco is a one man outfit run by Valery Maltsev and is based in St Petersburg, Russia, where most people have their assets frozen at this time of year.
The SEC claimed that Broco artificially moved the prices of more than 38 thinly traded securities. The transactions allegedly created the appearance of legitimate trading activity and artificially affected the prices of the shares.
The scam is called "hack, pump and dump." An Indian man was sentenced to two years in prison for undertaking a similar scam in 2008.
Broco would purchase stocks for its own portfolio and immediately place unauthorized buy orders for the same securities at inflated prices using hacked Scottrade accounts. Then it would quickly sell its shares taking illegitimate profits.
Maltsev is believed to have grossed $141,500 in approximately 15 minutes at one time. µ
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... is a legitimate business strategy employed by stock traders everywhere. You don't have to do anything illegal to do this. Silly Russian.
...is a very dead hacker.
YOU CAN MAKE $300,000 IN 10 MINUTES USING MY SECRET METHOD TO GET RICH QUICK, SEND ME $49.95 TO SHOUTER@YAHOO.COM AND I'LL EMAIL YOU THE DETAILS. HOW CAN YOU LOSE? 100% LEGIT -AND- LEGAL. DO YOU REALLY NEED COPS CHASING YOU DOWN LIKE THIS RUSSIAN FOOL? GET THE REAL DEAL. PAYPAL ME RIGHT NOW!
Nice pun, Nick. Here in the mid west of the rebel colony my asset's finally thawing out.
I think it matters HOW you pump and WHEN you dump. But I could be wrong.
Pump and dump... Hmmm. Why does the way rich people make money sound A LOT like my time in the toilet?
Ah yes the classic get rich scheme. I remember seeing these in a local paper a few years ago, Get Rich Quick, send £10 to my PO Box and I will send you details of how to get rich quick. The answer, take out the same type of ad as you and watch as the money rolls in cause people can't help but be fooled by hair-brained get rich schemes. Must be much cheaper using message boards.
Stop trying to take advantage of poor Mac Fanboi's trying to get rich so they can afford the latest unnecessary Fruit-themed tech.