The U.S. Department of State has come up with an offer of $1 million each to those who help them in convicting the two Ukrainian citizens named Artem Viacheslavovich Radchenko and Oleksandr Vitalyevich Ieremenko. These two were alleged with cases of hacking the SEC systems to steal confidential data about companies and sell/trade them for illicit profits.
Stealing Data to Gain Illicit Advantage Over Others
Artem Viacheslavovich Radchenko and Oleksandr Vitalyevich Ieremenko were charged with cases relating to computer fraud conspiracy, fraud conspiracy, wire fraud conspiracy, and computer fraud in a 16-count indictment filed by SEC in January 2019.
Viacheslavovich Radchenko, the one who coordinated the entire scheme has been the first in this case. He hired Ieremenko and other hackers to hack into the SEC’s (EDGAR) system.
The Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system of SEC are the one where all the companies are required to submit data regularly. This includes confidential and non-public data like contracts, earning reports, and other financial.
These may not reach public until approved, and they’re sensitive documents since they can hint investors about judging the health of companies. Thus, gain an unfair advantage over others.
Meet Artem Radchenko and Oleksandr Ieremenko, whose scheme resulted in the illicit profit of over $4.5 million at the expense of valid investors and the economies they support.
Keep up with our page this morning as we reveal more of #TheCyberSearch pic.twitter.com/UeK1tOMfbS
— U.S. Secret Service (@SecretService) July 22, 2020
Radchenko and Ieremenko breached into the EDGAR system of SEC via “directory traversal attacks, phishing attacks, and infecting computers with malware“, and stole thousands of such confidential files between May 2016 to October 2016. With them in hand, they have traded and also hired traders to trade on the information stolen from the SEC. This scheme has garnered them about $4.1 million in total, by exploiting the innocent investors.
And now, The Transnational Organized Crime Rewards Program (TOCRP) of the U.S. Department of State, has announced a bounty of up to $1 million in rewards to those who help with the information related top arrest them both.
The SEC has already settled fraud charges with two traders involved in this scheme, David Kwon and Igor Sabodakha. Thus, anyone having a tip to convict those can reach the FBI at 1-800-CALL-FBI or at the www.tips.fbi.gov or contact U.S. Secret Service at 1- 877-WANTED2 or [email protected]