Federal authorities have charged two Ukrainian men with securities fraud for hacking the Securities and Exchange Commission computer network. According to the SEC, the men used the stolen data to make trades.
Both men, from Kiev, face charges of securities fraud, wire fraud, computer fraud and conspiracy. According to investigators, the men stole non-public corporate filings, then made trades over a period of months using the information.
The SEC also filed a civil complaint against the men and 7 other entities, including Hong Kong and Belize corporations. The other defendants hail from Russia and South Korea. Some of the individuals named in the suit were also sued in 2015 for similar activities. The SEC estimates that the men in the current indictment made more than $4 million in profits. The individuals in the 2015 indictment may have collected more than $30 million.
Both men remain at large. If they are tried and convicted, the men could face as much as 20 years in prison. They could also face fines of $250,000 or double the illegally gained profits.
Federal securities fraud attorney
When you face investment fraud allegations, hire an experienced securities fraud attorney like Robert Helfend. Mr. Helfend has more than 30 years of experience in criminal defense. He takes federal criminal cases in any circuit in the United States.
Government prosecutors are aggressive and well-funded. Faced with the prospect of providing a cripplingly expensive defense, many defendants simply choose to plead guilty. A guilty plea isn’t always the best strategy for federal charges.
By including an experienced, aggressive criminal defense attorney in your strategy, you can fight the charges against you. Don’t rely on an inexperienced attorney and don’t assume that a guilty plea is your best option.
Contact Robert Helfend or call toll-free at (800) 834-6434, (310) 456-3317, (818) 591-2809 or (805) 273-5611 for an immediate consultation on your Los Angeles County securities fraud case.
Photo Credit: Dan Nelson, via Flickr.com