Securities: 3 Men Blamed for Stock Scheme

Three hackers from India have been indicted in the U.S. on charges of conspiracy and fraud. The men are believed to have accessed dozens of online brokerage accounts in order to inflate stock prices and gather more than $120,000 in illegal profits. One brokerage firm lost at least $2 million as a result of the scheme, said the Justice Department. Approximately 60 customers and nine U.S. brokerage firms, including Ameritrade Holding Corp., E-Trade Financial Corp., and OptionsXpress, lost money as a result of the men's plot.

3 Indian Men Indicted in Stock Scheme

The suspects bought stocks through U.S. online firms with their own accounts and then used stolen identity information to act as online share-buyers. The men then sold their shares at a higher price, taking in a profit of more than $121, 5000. One victim of the scheme had $180,000 cash and equity in his account, only to discover five days later that he had a negative $200,000 balance. The indictment by the Nebraska grand jury includes charges of conspiracy, computer, wire and securities fraud, and aggravated identity theft. Assistant Attorney General Alice Fisher says that cases such as these "pose serious risks to investors and brokerage firms across the globe."