Court Freezes $3 Million in Online Stock Scheme Case

A federal judge has frozen $3 million belonging to an Eastern European cyber-ring in an online stock manipulation case involving seven major brokerages, the largest asset freeze to date in such cases. The ring's members lived in Russia, Latvia, Lithuania and the British Virgin Islands, and netted at least $733,000 from December 2005 to December 2006 in a complex scheme that combined hacking with traditional "pump-and-dump" market manipulation, the Securities and Exchange Commission alleged in a complaint filed in U.S. District Court in Washington.

  • Read the article: The Washington Post