Rinse, Lather, Repeat: Hack, Pump And Dump

["Fergie" <fergdawg () netzero net>]

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Via The Washington Post.

[snip]

Aleksey Kamardin reaped $13,158 in just 104 minutes buying and selling
penny stocks.

The 21-year-old bought 43,000 shares in a small Wisconsin equipment company
that makes, among other things, potato harvesters. He sold the shares less
than two hours later at nearly double the investment.

But Kamardin's is no success story. Instead, federal authorities say, his
methods place him at the front of a wave of techno-criminals who meld
computer hacking with identity theft to create nightmares for legitimate
investors.

Kamardin and his accomplices allegedly hacked into four online trading
accounts of unsuspecting investors, selling off their holdings in
higher-valued companies to purchase shares in Thomas Equipment, a firm
whose stock that day soared from 26 cents to 80 cents a share, authorities
said. The trading volume of Thomas increased tenfold.

Kamardin, allegedly part of an East European ring, repeated this scheme on
13 other occasions in July and August, defrauding investors of $82,960,
according to a civil complaint filed yesterday by the Securities and
Exchange Commission.

[snip]

More:
http://www.washingtonpost.com/wp-dyn/content/article/2007/01/25/AR200701250
1763.html

- - ferg

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--
"Fergie", a.k.a. Paul Ferguson
 Engineering Architecture for the Internet
 fergdawg(at)netzero.net
 ferg's tech blog: http://fergdawg.blogspot.com/


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