Global fraud involved computer hacking, insider trading, officials say – Los Angeles Times

As told by federal authorities, it was the ultimate cyber-era criminal mash-up: an elaborate computer hacking operation to enable a global and lucrative insider trading scheme.

In one of the most sweeping cases yet involving securities fraud and computer crime, prosecutors and the Securities Exchange Commission unveiled what they said was a long-running scheme to profit from yet-to-be-released corporate earnings, deals and other market-moving data.

The scheme, spanning from Ukraine to the U.S., involved the alleged hacking of business news wire services to pull inside information from pending but still private press releases and other documents so that rogue traders could get a jump on buying or selling shares before breaking news moved the stock prices.

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