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Identity Theft News
SEC Obtains Order Freezing $3 Million In Proceeds
The Securities and Exchange Commission today announced that on Tuesday, March 6, 2007, it won an emergency court order freezing assets in a Latvian-based bank's trading account being used to conduct a hi-tech market manipulation scheme. The Commission's enforcement action is the third filed in as many months involving market manipulation schemes conducted through online account intrusions.
In an emergency federal court action filed in the United States District Court for the District of Columbia, the Commission alleged that the account, maintained by relief defendant JSC Parex Bank based in Riga, Latvia, had been used by one or more unknown offshore sub-account holders to launch a "pump and dump" manipulation scheme involving the stocks of fifteen different public companies. As part of the scheme, the unknown traders hacked into unsuspecting investors' online brokerage accounts at seven different brokerage firms, selling off investors' positions and using the proceeds to pump up the market for the stocks subject to the scheme. Through this technique, the unknown traders generated at least $732,941 in illicit profits and cost U.S. brokerages some $2 million in losses.
In response to the Commission's motion, the Court issued a temporary restraining order freezing the defendants' fraudulent profits held in JSC Parex's omnibus trading account.
SEC Enforcement Deputy Director Peter Bresnan stated, "In today's global economy, where con artists can misuse computer technology to defraud innocent U.S. investors from far beyond our borders, freezing the unlawful profits of those behind these intrusion schemes is especially important. Working to prevent injury to U.S. investors from intrusions into online brokerage accounts is a top priority of the Enforcement Division."
"Using sophisticated computer hacking and identity theft techniques to break into the accounts of innocent online brokerage customers," said SEC Office of Internet Enforcement Chief John Reed Stark, "these perpetrators effectively cut out the middleman of the old fashioned pump-and-dump scheme, eliminating phony stock promotions, creating their own artificial trading demand, and consummating their frauds in as little time as a couple of hours." Read more at sec.gov.
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Definition:
Identity fraud differs from identity theft as so far as the thief doesn't steal someone else's information, but rather uses made up information.
Phising
Definition:
Phising is a term used to describe high-tech scams, using spam, pop-ups and emails to deceive people into disclosing their personal information.
Money laundering
Definition:
Once money has been illegally gained, money laundering is the process of concealing those funds in order to avoid a transaction-reporting requirement under state/federal law.
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