{"id":63,"date":"2007-03-15T11:46:32","date_gmt":"2007-03-15T11:46:32","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2007\/03\/in_hitech_market_manipulation_1"},"modified":"2021-09-20T15:41:12","modified_gmt":"2021-09-20T20:41:12","slug":"in-hitech-market-manipulation-1","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/in-hitech-market-manipulation-1\/","title":{"rendered":"In Hi-Tech Market Manipulation Case By Unknown Traders, Securities and Exchange Commission Freezes $3 Million To Protect Brokerage Firms"},"content":{"rendered":"

\t\t\t\tOn March 6, 2007, The U.S. District Court for the District of Columbia froze $3 million in an account under the name of a Latvian bank. The SEC said unknown traders used the money last year for a “hi-tech market manipulation scheme”. According to the Commission, the action is the largest freeze secured for an intrusion-related market manipulation scheme.<\/p>\n

The SEC says that the assets had been placed in an omnibus brokerage account at Pinnacle Capital Markets LLC. The unidentified account owners are based in Russia, the British Virgin Islands, Latvia, and Lithuania-but the account was under the name of JSC Parex Bank, a Latvian bank that the SEC has named as a relief defendant in the SEC action.<\/p>\n

The Commission says that unknown traders hacked into investor accounts at online brokerages, sold off clients’ existing positions, and used the money they made to bid up the market for specific stocks that they wanted to manipulate. These traders made at least $732,000 with their alleged pump-and-dump scheme, costing brokerage firms about $2 million. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

On March 6, 2007, The U.S. District Court for the District of Columbia froze $3 million in an account under the name of a Latvian bank. The SEC said unknown traders used the money last year for a “hi-tech market manipulation scheme”. 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