June 26, 2016
The US Securities and Exchange Commission (SEC) announced on June 22 that it launched a civil lawsuit against a UK man who hacked into several brokerage accounts belonging to US and international investors.
The SEC accused Idris Dayo Mustapha, 30, a resident in the UK, of hacking at least nine brokerage accounts and initiating illegal transactions on their behalf.
After making these transactions, Mustapha immediately used his own account to make stock market operations against the same stocks that netted him a profit.
The SEC says Mustapha made at least $68,000 profits this way and caused losses to his victims of at least $289,000. Reuters also reported independently, citing court documents, that Mustapha initiated transactions of more than $5 million of little-known stocks.
Mustapha’s hacking campaign took place in April and May of this year and targeted both US and international brokerage firms.