Category Archives: Securities

A Ukrainian member of a hacker gang that stole advance copies of electronic press releases from newswire companies got two-and-a-half years in prison Monday for his role in the insider trading scam, which prosecutors say netted the hackers and their securities-trader partners about $30 million. Authorities say it’s the largest cyber-enabled securities fraud ever prosecuted. In a release from acting U.S. Attorney for the District of New Jersey William Fitzpatrick, prosecutors state that the man — 29-year-old Vadym Iermolovych of Kiev — had pleaded guilty last year to conspiracy to commit wire fraud, conspiracy to commit computer hacking and aggravated identity theft. U.S. District Judge Madeline Cox Arleo imposed the sentence, which added three years’ supervised probation and over $3 million in restitution. A spokesman for Fitzpatrick’s office told CyberScoop the sentence was imposed in line with federal guidance but that Iermolovych, as a foreign national, would in all likelihood be deported upon release from prison. […]

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