Day trader made $700,000 in a scheme targeting hacked online brokerage accounts, prosecutors say

Add online brokerage accounts to the list of things that can be hacked for gain.

A Pennsylvania resident describing himself as a day trader piggybacked off trades made in hacked brokerage accounts to generate $700,000 of illicit profit, federal prosecutors in Brooklyn and the Securities and Exchange Commission said Monday.

Joseph Willner faces charges of fraud and conspiracy for a scheme involving at least one unnamed co-conspirator. The two communicated their trading strategies through private online messaging services and Twitter and split the profit in the form of bitcoin payments.

The two carried out the scheme involving the hacked retail brokerage accounts for nearly three years, beginning contact with each other in 2014 and then beginning the trading in 2015, according to a criminal complaint filed in the U.S. District Court for the Eastern District of New York. The Securities and Exchange Commission also filed its own civil case.

Source: CNBC

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