Four guilty of pump-and-dump spam scam

By
Follow google news

Gang pleads guilty to a pump-and-dump spam campaign that profited £10 million.

Four guilty of pump-and-dump spam scam
According to the US Department of Justice the scam started in 2004 when the gang, aged between 26 and 63, sent out bogus press releases about 15 small companies to boost the stock price. The stock was dumped once the price had risen netting more than US$20m in profits.

All four pleaded guilty to counts of fraud, with two of the men also pleading guilty to civil charges filed by the US Securities and Exchange Commission (SEC). 

The men could each face up to ten years in prison when sentencing begins later in the year. Three other defendants have already been sentenced to between one and five years in prison.

Add iTnews as your trusted source

Got a news tip for our journalists? Share it with us anonymously here.
Copyright © SC Magazine, US edition
Tags:

Most Read Articles

FBI remotely patched privately-owned routers to evict Russian GRU spies

FBI remotely patched privately-owned routers to evict Russian GRU spies

Services Australia describes fraud, debt-related machine learning use cases

Services Australia describes fraud, debt-related machine learning use cases

Dead cars tell tales by storing data that's never wiped

Dead cars tell tales by storing data that's never wiped

CBA onboards customers with NFC scans of ePassports

CBA onboards customers with NFC scans of ePassports

Log In

  |  Forgot your password?