Canadian Regulators Probe Online Brokerage Scams

Canadian regulators are looking into an apparent financial scam in which hackers cleaned out online brokerage accounts and used the money to buy over-the-counter penny stocks. The Investment Dealers Association, the self-regulatory arm of Canada's securities industry, said accounts at as many as four brokers have been attacked in what appears to be a modern twist on the traditional "pump and dump", in which a cheap stock is fraudulently bid up to create artificial demand, then sold for a profit.

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