Thursday, 22 October 2015

Alleged insider trading ring involving press releases

AMC screencapFederal authorities made arrests this morning in a case involving an alleged insider trading ring that hacked several thousand press releases containing market-moving information.
The US Attorney's Office for the District of New Jersey and the US Attorney's Office for the Eastern District of New York today announced the criminal charges against five defendants.

Ivan Turchynov (a 27-year-old Ukrainian resident/alleged hacker)

Oleksandr Ireemenko (a 22-year-old Ukranian resident/alleged hacker)

Arkadity Dubovoy (trader from Alpharetta, Georgia)

Igor Duboyvoy (trader from Alpharetta, Georgia)

Pavel Dubovoy (trader from Ukraine)
The indictment also lists four unnamed co-conspirators residing in New York, Georgia, and Pennsylvania.
In a parallel action, the Securities and Exchange Commission announced civil charges against 32 defendants in the "unprecedented" alleged scheme. The alleged ring, which included folks in Russia, Ukraine, Malta, Cyprus, France, and the US state of New York, Georgia, and Pennsylvania- made more than $100 million in illicit profits, the SEC said.
Prosecutors believe that since February 2010 the two Ukranian hackers gained entry to newswire systems and swiped around 150,000 press releases containing access to sensitive information about company deals and earnings prior to their public release.
The victim newswires-PRNewswire, Marketwired, and BusinessWire-are in the business of disseminating information on behalf of companies such as Bank of America, Boeing, Caterpillar, Hewlett Packard, Netflix, Panera Bread and Texas Instruments.
According to prosecutors, the traders allegedly emailed "shopping lists" to the hackers of desired targets. The hackers then shared the stolen information with others in the ring to buy and sell shares ahead of market-moving news. The indictment said that theDubovoy group in the US allegedly netted $30 million in ill-gotten gains.
Here's a breakdown of some of the alleged trades:
Indictment

Indictment

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