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SEC, DOJ claim cyber criminals hit wire services

2015-08-11 19:16 ET - Street Wire

Also Street Wire (U-*SEC) U S Securities and Exchange Commission

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by Mike Caswell

The U.S. Department of Justice and the U.S. Securities and Exchange Commission have filed charges over a scheme to hack into three newswire services, including Toronto's Marketwired LP. The hacking allowed a group of traders to obtain access to news items ahead of time and to generate $100-million in gains, according to the SEC. (All figures are in U.S. dollars.) The defendants, operating from Ukraine and the U.S., stole over 150,000 news releases from Marketwired alone, prosecutors claim.

Of the nine defendants, FBI agents took five into custody Tuesday morning. The government also seized 17 bank and brokerage accounts that it claims contain $6.5-million in proceeds from the scheme. In addition, prosecutors took steps to restrain properties worth $5.5-million, including a shopping centre in Pennsylvania and an apartment building in Georgia.

Details of the hacking scheme are contained in an indictment filed on Tuesday, Aug. 11, in the District of New Jersey. Prosecutors claim that the hacking took place over a five-year period, beginning in February, 2010, and continuing to the present. The indictment identifies the hackers as two Ukrainians: Ivan Turchynov, 27, and Oleksandr Ieremenko, 24. The men are not in custody, and the U.S. has issued an international warrant for their arrest.

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