British Hacker Cons Wall Street Out of $3.75 Million

The US Securities and Exchange Commission (SEC) has accused Robert B. Westbruck of hacking computer systems of five American companies, as reported in a press release. Investigators allege that Westbruck gained closed information about the organizations’ income and used it for illegal trading of shares, earning millions in the process.

According to the claim, Westbrook allegedly hacked the systems of these companies between January 2019 and August 2020 by obtaining passwords of top managers. This allowed him to access financial data before their official release, including 14 quarterly reports, enabling him to carry out share transactions just before results announcements.

This type of activity, known as “Insider Trading”, involves making investments based on confidential information that is not available to the general public.

Despite attempts to conceal his identity through anonymous mailboxes, VPN services, and even bitcoins, specialists were able to uncover the criminal scheme. Westbruck is now facing accusations of violating the anti-manipulation provisions of the 1934 securities law. The commission is seeking fines, repayment of illegally obtained funds with interest, and compliance with securities laws. A criminal case has also been initiated against Westbruck.

The SEC investigation into the matter is ongoing at this time.