Slashdot Mirror
US Securities and Exchange Commission Hunting Insider Trading Hackers
An anonymous reader writes: The U.S. Securities and Exchange Commission is actively investigating the FIN4 financial hacking group identified by FireEye last December, according to a Reuters report. In an unprecedented extension of its usual practice, the SEC is soliciting information about security breaches from private companies, who are not obliged to reveal them unless the breach enters into categories covered by federal law. Former SEC Head of Internet Enforcement John Reed Stark describes the proactive stance of the organization as an "absolute first."
"Former SEC Head of Internet Enforcement John Reed Stark describes doing his job as a regulator as an 'absolute first.'"
Is it just my observation, or are there way too many stupid people in the world?
I find it really hard to believe any human would compromise their principals to gain money. This is a witch hunt, plain and simple.
Queue up the internet insider trading frame up scenario.
#1 Hack A, a competitor to B, finding that A will do X.
#2 Hack B, leaving hints that it was A that did it.
#3 Leak to gullible idiot in B that A is doing X.
#4 Trade on X happening.
#5 gullible idiot trades on X happening.
#7 Trade on B being found out by the SEC
#6 SEC throws gullible idiot to the dogs.
#7 Profit!
I should use this sig to advertise my book ISBN-13 : 978-1501515132.
They stole a LOT more money from the public than any hacking group, and yet none of them have been hung up by their thumbs by the SEC. Crime is OK as long as it is done by the heads of big banks. Hey SEC, you sicken me.
Technically speaking it isn't 'insider trading' as in some broker gives some other broker advanced information on the movement of some stock.
Oh, yes; *Hackers* are the source of the rot and corruption in the US stock, securities, and banking institutions. Hackers (i.e., Tufta).
X was a thing, not an amount.
I should use this sig to advertise my book ISBN-13 : 978-1501515132.