Day trader scheme targeting hacked online brokerage accounts

[WonderBoy]

Day trader made $700,000 in a scheme targeting hacked online brokerage accounts, prosecutors say

• Federal prosecutors in Brooklyn and the SEC say the scheme was carried out over nearly three years and targeted more than 100 victims who had accounts at online brokerages.
• The SEC said account takeovers are increasingly a threat to retail investors.

https://www.cnbc.com/2017/10/30/day...nline-brokerage-accounts-prosecutors-say.html

 

[lawrence-lugar]

I just read this story about 20 minutes ago;
To Sum it up...it was a penny stock scheme.

Various players, or hacked trading accounts, were messing with the Buy and Ask prices. -- basically manipulating prices for their benefit and profit.

$700K in profits over three years is considered relatively small fish for the SEC.

 

[SoesWasBetter]

I've seen a lot of trades over the years , not so much these days, that could only be explained by the kind of scam described above.

 

[S2007S]

I can just imagine how many more are getting away with this type of scam.....the amount of scams that keeping coming to light as wallstreet breaks to historical highs day after day is amazing. The amount of free money this market is creating is something the world has never witnessed in their lifetimes!

 

[SoesWasBetter]

how much of that free money is leaking into your pocket?

 

[vanzandt]

how much of that free money is leaking into your pocket?

$4/share if they shorted IBM @ $158.
Ahhhhhh
...........j/k Soes

 

[helpme_please]

I wonder if Interactive Brokers accounts have been victims of this scam. As a client, I am worried when I hear horror stories like these.

 

[zdreg]

I wonder if Interactive Brokers accounts have been victims of this scam. As a client, I am worried when I hear horror stories like these.

check your account everyday and check your worries at the door.