{"id":851,"date":"2011-03-23T22:36:46","date_gmt":"2011-03-23T22:36:46","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2011\/03\/fbi_arrests_texas_leader_of_pu_1"},"modified":"2022-06-06T15:40:48","modified_gmt":"2022-06-06T20:40:48","slug":"fbi-arrests-texas-leader-of-pu-1","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/fbi-arrests-texas-leader-of-pu-1\/","title":{"rendered":"FBI Arrests Texas Leader of Pump-and-Dump Scheme"},"content":{"rendered":"

\t\t\t\tFBI agents have arrested Christopher Rad, a Texas man who is charged with one count of conspiracy to commit securities fraud <\/a>and transmit email messages. Rad, 42, is the alleged ringleader of an international securities fraud group accused of working with botnet operators, hackers, and email spam in a pump-and-dump<\/a> scam.<\/p>\n

Between November 2007 and February 2009, Rad allegedly acted as the middleman between computer experts, who know how to inflate a stock’s value, and stock promoters. The FBI says that he agreed to work with others to trade manipulated stock between themselves to make it appear as if the stocks were active. The hackers that he worked with would break into third-party brokerage accounts, liquidate the stocks, and use the balance to buy shares of the manipulated stock. They also allegedly distributed viruses so that computers around the world became infected. This created a “botnet,” a virtual army of computers that would then send out spam to promote the manipulated stocks. The pump-and-dump scheme let the fraudsters obtain control of “penny stocks” that weren’t traded on major exchanges. <\/p>\n

If convicted, Rad end up behind bars for five years. He faces a $250,000 fine.<\/p>\n

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

FBI agents have arrested Christopher Rad, a Texas man who is charged with one count of conspiracy to commit securities fraud and transmit email messages. Rad, 42, is the alleged ringleader of an international securities fraud group accused of working with botnet operators, hackers, and email spam in a pump-and-dump scam. 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