Firm charged for Hacking into Business Wire's Website

Federal securities regulators charged an Estonian company with fraud Tuesday, alleging two of its employees hacked into the Web site of press release service Business Wire and traded on stolen information.

The Securities and Exchange Commission said two employees of financial services firm Lohmus Haavel & Viisemann made at least $7.8 million in illegal profits after breaking into the Web site and timing their trades based on what they learned.

In a statement, Business Wire said the individuals illegally accessed a single screen of background information about some client files. No companies were named. SEC charges Estonian firm for Web-site hack fraud - Financial - Financial Services - SEC

Linked by shanmuga Tuesday, 1st November 2005 8:57PM