Prison time for cyber stock swindler
A young investor with more wiles than trading luck was sentenced to 13 months in prison Wednesday for using a Trojan horse program and someone else's online brokerage account to sell thousands of worthless stock options to an unwilling buyer.
Van T. Dinh, 20, was the first to be charged by the Securities and Exchange Commission with a fraud involving both computer hacking and identity theft, according to the SEC.
According to court records, last July, the then-teenaged Dinh was the unhappy owner of $90,000 in "put" options that could have delivered a hefty payoff if Cisco Systems Inc. stock drooped below $15.00 a share, but instead were close to expiring worthless.
By Kevin Poulsen at SecurityFocus.
[ Read more ]