Feeds

Spam suspects charged over $4.6m share con

Pump-and-dump

Internet Security Threat Report 2014

Two Texans have been charged with securities fraud and money laundering offences over a pump-and-dump email stock scam.

The case follows an investigation by the Securities and Exchange Commission (SEC) into the illegal use of pump-and-dump junk mails to promote the sale of at least 13 low-value stocks between May 2005 and December 2006.

Darrel Uselton, 40, and his uncle, Jack Usleton, 69, allegedly used a series of spam emails campaigns to trick the gullible into buying worthless stocks on the basis of bogus insider information. The dynamic duo are suspected of using a network of compromised zombie PCs to distribute junk mail stock tips.

Investigators reckon gullible users were defrauded out of $4.6m in furtherance of the scam before the dodgy duo were caught. The pair allegedly made the mistake of sending one of their fraudulent emails to a SEC lawyer, prompting the launch of an investigation that ultimately led to charges against the two. Texas criminal authorities have seized more than $4.2m from bank accounts associated with the Useltons.

The prosecution of the Useltons is part of a larger SEC crackdown on stock scams. The SEC suspended trading of 35 companies which had been the subject of pump-and-dump emails in March. ®

Remote control for virtualized desktops

Whitepapers

Choosing cloud Backup services
Demystify how you can address your data protection needs in your small- to medium-sized business and select the best online backup service to meet your needs.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Driving business with continuous operational intelligence
Introducing an innovative approach offered by ExtraHop for producing continuous operational intelligence.
10 threats to successful enterprise endpoint backup
10 threats to a successful backup including issues with BYOD, slow backups and ineffective security.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?