SEC targets Russian fraudster

LOSSES & LAWSUITS

In a seven-week period between late August and mid-October, Gashichev made $353,609 in illegal profits through at least 25 separate scams, the SEC charged.

Acting on the Commission's request, the Court issued a mid-December temporary restraining order which, among other things, freezes the defendant's assets and orders the repatriation of funds taken out of the United States.

Calling the scam "a high-tech version of a 'pump and dump' scheme", the SEC noted that "account intrusions combine securities fraud, identity theft and hacking," and the regulator said it would continue to pursue such cases actively.

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