The Securities and Exchange Commission froze the accounts of an alleged hacker who it believes hacked into brokerage accounts and caused at least $289,000 in damages.
The SEC claims Idris Dayo Mustapha, a 30-year-old citizen of the United Kingdom, manipulated security prices by making trades from other investor’s accounts. The SEC believes Mustapha made a profit of no less than $68,000.
{mosads}By boosting and lowering stock values, Mustapha could make trades from his own account more beneficial to himself, the SEC charges.
On Wednesday, the SEC received an emergency court order to freeze more than $100,000 of Mustapha’s funds, and The Telegraph reported it will try to recover the proceeds of his alleged trades and impose civil penalties.
“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,” said Robert Cohen, co-chief of the SEC Enforcement Division’s Market Abuse Unit, in an agency press release.
The SEC has opened several cases against British citizens for their activities online, according to The Telegraph.
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