3 Indians indicted in US for online fraud

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ENS Economic Bureau Tags : India, US, online fraud, Chennai Posted: Thursday , Jul 09, 2009 at 0138 hrs

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HACK, PUMP & DUMP

They then hacked into online brokerage accounts of others using stolen usernames and passwords or established new brokerage accounts using stolen identities. Using these accounts, the defendants made scores of unauthorised purchases of the same stocks to drive up the market price. Once the share prices were artificially inflated, the defendants sold their own shares for a substantial profit.

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