Ukrainian Hacker Makes $30 Million;Faces 20 Years in Jail
Posted by: Timothy Weaver on 05/21/2016 08:56 AM
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Vadym Iermolovych, a Ukrainian man, has pleaded guilty to an insider trading scheme that netted $30 million.
The 28 year old hacked into newswire services and used the unpublished info to gain an advantage on the stock market. It was a global scheme that has seen 32 people charged.
The scheme went from 2010 to 2014 and involved the hacking of Marketwired LP, PR Newswire Association LLC, and Business Wire. It is thought that the group succeeded in viewing 150,000 unpublished press releases. The group would pass along the information to U.S. traders before the market closed.
The trades were done in a very narrow time frame before the info was released, usually shortly after the market closed.
Iermolovych is facing 20 years in prison when he is sentenced in August.
Source: BBC
The 28 year old hacked into newswire services and used the unpublished info to gain an advantage on the stock market. It was a global scheme that has seen 32 people charged. The scheme went from 2010 to 2014 and involved the hacking of Marketwired LP, PR Newswire Association LLC, and Business Wire. It is thought that the group succeeded in viewing 150,000 unpublished press releases. The group would pass along the information to U.S. traders before the market closed.
The trades were done in a very narrow time frame before the info was released, usually shortly after the market closed.
Iermolovych is facing 20 years in prison when he is sentenced in August.
Source: BBC
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