SEC files case in US court, alleges offender cost victims $289,000 through illegal trades.
The US Securities and Exchange Commission (SEC) has filed a case in a US District Court against a UK national accusing him of hacking into the accounts of US investors and carrying out fraudulent trades, reports Reuters. SEC alleges that Idris Dayo Mustapha made a profit of at least $68,000 while costing his victims around $289,000 through these illegal transactions in April and May.
Mustapha, who has been charged with securities fraud, hacked into the investors’ online brokerage accounts and traded more than $5 million worth of stocks — transferring profits into his account, says the SEC.
“We will swiftly track down hackers who prey on investors as we allege Mustapha did, no matter where they are operating from and no matter how sophisticated their technology,” says Robert Cohen of SEC.
The court has ordered a freeze of the defendant’s assets.
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