“Even though Westbrook took multiple steps to conceal his identity – including using anonymous email accounts, VPN services, and utilizing bitcoin – the Commission’s advanced data analytics, crypto asset tracing, and technology can uncover fraud even in cases involving sophisticated international hacking.” – U.S. SEC. The SEC charged Westbrook with violating the antifraud provisions of the Securities Exchange Act of 1934, while the criminal charges will likely comprise wire fraud, securities fraud, and unauthorized access to computer systems (hacking). Westbrook, a U.K. citizen, with hacking into the computer systems of five U.S. public companies to access confidential earnings information and conduct insider trading. Westbrook now faces both civil charges from the U.S. Securities and Exchange Commission (SEC) and criminal charges from the U.S. Attorney’s Office for the District of New Jersey. The above could carry significant prison sentences, hefty fines, often higher than the profit gained from illicit investment activities, and an order barring Westbrook from trading in securities in the future.
This Cyber News was published on www.bleepingcomputer.com. Publication date: Mon, 30 Sep 2024 22:05:05 +0000