A man from Georgia man pleaded guilty on Thursday over his involvement in an international financial hacking scheme. According to prosecutors, they used stolen news releases in order to gain profit of $30 million. The said man is among the arrested additional nine suspects over the hacking scheme.
Arkadiy Dubovoy, 51 years old admitted guilty to one count of wire fraud conspiracy charge, the U.S. Attorney Paul Fishman in New Jersey said. The Alpharetta, Georgia resident took his plea at a Newark, New Jersey court before U.S. District Judge Madeline Cox Arleo. Dubovoy is also sentenced with 20 years of imprisonment, Reuters reported.
He pleaded guilty after the U.S. Securities and Exchange Commission filed the civil charges against the arrested new defendants, adding to the 33 people who were charges to the said crime. According to ABC News, Dubovoy is among the nine people who were arrested in the United States and Ukraine.
Authorities reported, between the year 2010 and 2015, the group who were described as computer hackers or stock traders illegally access to over 150,000 press releases. The said press releases contained "earnings figures and other corporate information," Canmua reported.
They then used roughly 800 of those news releases in order to create trades before the information came out, exploiting a time gap ranging from hours to three days. Prosecutors said the group hack the the news services' computer systems through a form of online fraud called "phishing."
It is popular practice in which hackers send an email with a seemingly innocuous link. If the said link was clicked on, it can eventually lead to the divulging of the user's login and password information.The charges were filed in federal court in Newark because some of the trades were done in New Jersey. Two others involve to the scheme have pleaded guilty.
