Feds arrest four men linked to JPMorgan hack

Feds arrest four men linked to JPMorgan hack

Four men in Florida and Israel have been arrested for allegedly manipulating stocks and orchestrating a series of cyberattacks on financial institutions, including JPMorgan Chase.

While authorities didn’t directly tie the group to last fall’s JPMorgan hack, multiple reports indicate they played a role in what’s considered one of the financial industry’s biggest hacks.

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Bank officials had initially argued Russian hackers were behind the digital assault, which exposed data on over 83 million households and small businesses.

The New York Times reported that the individuals arrested may have had a loose affiliation with Russian gangs, but no direct tie to Russian cyber crime rings or the Russian government. The people arrested are Israeli and American citizens.

The Times had previously reported that the JPMorgan hackers were part of a Russian-affiliated overseas group that had also infiltrated nine other U.S. banks.

In addition to involvement in the JPMorgan cyberattack, U.S. officials accused the defendants of designing a scheme in which they used email blasts and pre-arranged trading to drive up the value of certain stocks before selling off shares at a premium, Bloomberg reported.

At least five stocks were manipulated over 2011 and 2012, according to the grand jury indictment.