Hackers, Traders Accused of Biggest US Insider Trading Scheme

VOA

Jim Randle

U.S. officials have accused an international group of hackers and stock traders of stealing insider information and making as much as $100 million in illegal profits.

Federal authorities in New Jersey said Tuesday it is the biggest scheme of its kind ever prosecuted.

Nine people in the United States and Ukraine have been indicted for alleged fraud. More than 20 other individuals and companies face related civil complaints.

Authorities said hackers stole financial and other information from companies that publish press releases. Members of the group were able to make trades in stocks and options before the information was made public, giving them an unfair, illegal and highly profitable advantage in trading.

The participants also are accused of money laundering by using several shell companies to try to hide their activities.

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