The Case of the Long-Armed Latvian

There are downsides to a shrinking globe.

On the heels of Friday’s post about Russian fraudsters doing damage in the United States comes word that the SEC has charged an individual from the former Soviet republic of Latvia with hijacking electronic brokerage accounts of United States citizens and placing trades in the accounts for the purpose of driving prices up or down. According to the SEC, the Latvian looter then traded stocks in his own account to profit from the price movements he had engineered through trading in the hijacked accounts. According to the SEC’s press release: (more…)

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