US regulator freezes British man’s assets over claims he hacked stockbroking accounts

Marion Dakers reports:

The Securities and Exchange Commission is pursuing a British man over claims he hacked into US investors’ accounts to place unauthorised trades.

The American financial regulator has asked a New York court to freeze the assets of Idris Dayo Mustapha while it tries to recover the proceeds of his alleged trades and impose civil penalties.

America’s markets watchdog has claimed that Mr Mustapha broke into numerous US-based stockbroking accounts online to place share trades, in an attempt to boost the price before going back to his own account to sell the same shares at an inflated price.

It is also claimed that he performed the same tactic in reverse, setting up shorts to bet on a falling stock before using others’ accounts to push the price lower.

Read more on The Telegraph.

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