Four guilty of pump-and-dump spam scam

By

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

Sponsored Whitepapers

Optus Enterprise Mobility
Optus Enterprise Mobility
Life After VMware: Scale Securely with mCloud by Micron21
Life After VMware: Scale Securely with mCloud by Micron21
Cut Cloud Costs Without Compromise: Discover mCloud by Micron21
Cut Cloud Costs Without Compromise: Discover mCloud by Micron21
What 4 wholesale distribution challenges aren’t going away anytime soon?
What 4 wholesale distribution challenges aren’t going away anytime soon?
State of the SOC: Building Resilience in a Shifting Threat Landscape
State of the SOC: Building Resilience in a Shifting Threat Landscape

Events

Most Read Articles

Phishing attack nets enormous npm supply chain compromise

Phishing attack nets enormous npm supply chain compromise
VicRoads to phase out passwords in favour of passkeys

VicRoads to phase out passwords in favour of passkeys
Service NSW centralises security, networking in mammoth CloudOps overhaul

Service NSW centralises security, networking in mammoth CloudOps overhaul
Apple adds "mercenary spyware" protection to new A19 chip

Apple adds "mercenary spyware" protection to new A19 chip
techpartner.news logo
Dave Stevens on Brennan's evolution and the need for Aussie tech unity
Dave Stevens on Brennan's evolution and the need for Aussie tech unity
Sydney's ITKnocks on contact centre AI and the slow death of the IVR
Sydney's ITKnocks on contact centre AI and the slow death of the IVR
"It's an exciting time to be part of the health and aged care sector"
"It's an exciting time to be part of the health and aged care sector"
Insicon founder Matt Miller on the coming 'tsunami' of compliance and educating boards about cyber security
Insicon founder Matt Miller on the coming 'tsunami' of compliance and educating boards about cyber security
Orro claims Australia first with managed digital asset discovery service
Orro claims Australia first with managed digital asset discovery service

Log In

  |  Forgot your password?