The U.S. Securities and Exchange Commission has accused a Russian man of using hacked brokerage accounts to manipulate share prices.

"Valery Maltsev used a legitimate account to buy positions in 38 thinly traded stocks, and then use compromised brokerage accounts to buy or sell huge numbers of the same companies, agency attorneys alleged," writes The Register's Dan Goodin. "The 36-year-old resident of St. Petersburg, Russia, would then turn around and sell his holdings at a sizable premium, according to a lawsuit filed in U.S. District Court in Manhattan."

"The scheme earned at least $255,532 from August to December at a cost of $603,000 to broker-dealers, which had to reimburse customers," Goodin writes.

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