back to article Feds sue Russian for stock pump and dump hack

The US Securities and Exchange Commission accused a Russian man of earning more than $255,000 in illegal stock sales by using hijacked brokerage accounts to artificially manipulate the price of shares in more than three dozen companies. Valery Maltsev used a legitimate account to buy positions in 38 thinly traded stocks, and …

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wow, great job

200k eh? Where was the sec during bernies decade of fraud?

Good job, you guys should takeover our healthcare system. Everything I can do the government can do better.

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Flame

He should have called himself a hedge fund

He should have called himself a hedge fund and called the accounts he used for pump-n-dump his customers. That would have earned him a place on the golf course and in the dinner club instead of an extradition order.

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What's Good for the Goose is Good for the Gander unless you are Propping Up Wall Street Turkeys?

"He should have called himself a hedge fund" ..... Ivan Slavkov Posted Wednesday 17th March 2010 09:05 GMT

Quite so, Ivan. This is posted elsewhere in a similar vein of lode ore ...... <quote>"And in July, a computer programmer working for Goldman Sachs was arrested on charges he stole proprietary source code for software his employer uses to make sophisticated, high-speed stock and commodities trades."

Hmmm .... It seems like Broco Investments is using the same sort of software as Goldman Sachs, which makes you wonder why they have not had their assets frozen or as some would describe such an action, criminally seized under the guise of a rigged and right dodgy legislation.

http://www.wired.com/threatlevel/2010/03/manipulated-stock-prices/ </quote>

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Not even a little similar

The Goldman Sachs software is about shaving nanoseconds off the speed of the trading execution to get better prices. This goober wasn't working the kind of volume where that gives your company a competitive edge. More importantly, if he was working to drive market momentum, he necessarily needed sufficient time for people to SEE the changes and enter their orders.

Not that I'm any fan of Goldman Sachs, but you need to keep your facts straight.

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Unhappy

If only it had been Phorm

sigh

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Don't see the problem

He buys shares, he sells shares. Normally that'd at best leave him at break-even. Where does the extra money come from? Answer: gullible idiots who think "he must know something I don't", and computer systems programmed by gullible idiots who embed "he must know something I don't" into the programming.

I'm glad that the "broker-dealers" had to reimburse customers out of their own pockets. If they can't take better care of their customers' money than that, they're the ones who deserve to be penalised.

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FAIL

Guess you missed the bit where it said 3 compromised accounts.

That means he was using OTHER people's money to buy and sell and profiting from his PRIVATE account.

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Anonymous Coward

Thanks for the reminder...

Come to think of it, isn't it just about time the rest of the world got organised and sued the SEC (and the rest of the USA Federal Government which funds, aids and abets it) for its gross and sustained negligence in sitting and watching the global financial system go down the tubes?

Considering the actual harm done is valued in trillions of dollars, just think of the punitive damages we could claim! It will be the ultimate class action.

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