Three Indian nationals have been charged as part of the Securities and Exchange Commission's investigation into pump and dump stock schemes the boosted prices for fourteen stocks, including Google and Sun Microsystems.
The trio, identified in an SEC
By using stolen logins from online brokerage customers, the group used funds to enhance positions they had taken on at least fourteen stocks. In one customer example, the SEC said a victim had $180,000 in cash and equities in an online brokerage account.
They placed "out of the money"
He took a five-day fishing trip, and returned to find out he had been phished; his account held a balance of negative $200,000.
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