Computer Crime Research Center


Russian hacker cracks Stock Exchange

Date: January 25, 2007

The US Securities and Exchange Commission (SEC) has frozen the New York Stock Exchange account of the Russian Evgeniy Gashichev and his company Grand Logistic.

The regulator suspects him of having cracked accounts of other exchange participants in order to manipulate share prices. The US authorities are accusing the Russian of having illegally earned US$354,000 by applying the famous pump-and-dump scheme.

SEC lawyers argue that Gashichev used stolen passwords to access accounts of three leading online brokerage firms - ETrade Securities, TD Ameritrade Scottrade.

The information he got helped him to manipulate shares of various companies, including small businesses he owned. According to SEC, Gashichev conducted 25 operations with shares of at least 21 companies from Aug., 28th to Oct., 13th, 2006. The case of the Russian hacker is being tried in a court.
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