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Crooks Made Millions By Breaking Into Execs' Office365 Inboxes, Feds Say
An anonymous reader quotes a report from Ars Technica: Federal prosecutors have charged a man for an alleged "hack-to-trade" scheme that earned him millions of dollars by breaking into the Office365 accounts of executives at publicly traded companies and obtaining quarterly financial reports before ...
The action, taken by the office of the US Attorney for the district of New Jersey, accuses UK national Robert B. Westbrook of earning roughly $3.75 million in 2019 and 2020 from stock trades that capitalized on the illicitly obtained information. The securities fraud count carries a maximum penalty of up to 20 years' prison time and $5 million in fines The wire fraud count carries a maximum penalty of up to 20 years in prison and a fine of either $250,000 or twice the gain or loss from the offense, whichever is greatest. "As this case demonstrates, even though Westbrook took multiple steps to conceal his identity -- including using anonymous email accounts, VPN services, and utilizing bitcoin -- the Commission's advanced data analytics, crypto asset tracing, and technology can uncover fraud even in cases involving sophisticated international hacking."
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