Fergie's Tech Blog

Rinse, Lather, Repeat: Hack, Pump And Dump

Ellen Nakashima writes in The Washington Post:

Aleksey Kamardin reaped $13,158 in just 104 minutes buying and selling penny stocks.

The 21-year-old bought 43,000 shares in a small Wisconsin equipment company that makes, among other things, potato harvesters. He sold the shares less than two hours later at nearly double the investment.

But Kamardin's is no success story. Instead, federal authorities say, his methods place him at the front of a wave of techno-criminals who meld computer hacking with identity theft to create nightmares for legitimate investors.

posted by Fergie @ 1/26/2007 12:59:00 PM