Federal authorities in New Jersey and New York unsealed charges against nine people accused of running an international hacking ring designed to steal unreleased press releases and execute profitable stock trades based on that insider information. They were charged with wire fraud conspiracy, securities fraud, computer fraud, money laundering, and more.
According to a Tuesday press release, prosecutors claim the trades “allegedly generated approximately $30 million in illegal profits,” calling the operation the “largest known computer hacking and securities fraud scheme.”
Five of the suspects were arrested at their homes in Georgia and are scheduled to appear before a federal judge on Tuesday. A sixth man was arrested in Pennsylvania, while the remaining three are still in Ukraine, but international arrest warrants have been issued.
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