Stock scammer gets coal for the holidays

Thursday, 28 December 2006, 11:21 AM EST

The US Securities and Exchange Commission put a suspected Russian brokerage-account thief's money on ice last week, after he allegedly used illicit access to people's online portfolios to drive up stock prices.

The SEC charged Grand Logistic SA, a Belize corporation located in Estonia, and its owner Evgeny Gashichev of Russia, with breaking into victims' computers and using the illicit access to their brokerage accounts to drive up stock prices. Between August 28 and October 13, 2006, the illegal scheme made the company at least $353,609, according to an SEC estimate.

At The Register.

[ Read more ]




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