Dave Michaels
speaker
248 appearances
5 recordings
1 series
first heard May 2018
last heard Jul 2021
Dave Michaels’s voice in public audio — every appearance, attributed to the second.
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Appearances
Yeah, that was one of the ways that they furthered their reach to
into this database.
They sent these phishing emails to SEC workers, which made it look like the hackers were SEC security personnel.
The SEC's documents in their case and the indictment, they don't give us a lot of detail on what those emails said, but clearly some SEC workers clicked on them
And it gave the hackers allegedly another path to get deeper and deeper into the database so they could look for documents that would provide information that they or their conspirators could trade on.
Yeah, the SEC put this table in their lawsuit to show how these traders really were not very good when they traded without, allegedly without access to this information that was in the database.
So over some like 837 trades when they were not trading on information relevant to this hack, allegedly these traders had net loss of about $38,000.
Whereas when they traded based upon or they had some information allegedly that they got out of the database, they traded and their net profit was about $3.6 million.
I should make it clear that this database known as EDGAR, where if you go to the SEC's website and you're an investor, you're managing your own money, and you probably use EDGAR.
You probably go to sec.gov and pull up corporate filings.
Most of the time when companies send filings into EDGAR, that information, if it's from a public company and it's relevant to a required periodic disclosure, the information will become public immediately.
What these hackers got, which a lot of us didn't even know was there, were these so-called test filings.
And these were like filings that the public companies or their lawyers or their printers would send to the SEC's Edgar system, sort of just to ping it, to make sure that the filing went through so that when they had to file before a deadline, they knew it would get there.
And in some cases, these test filings
contain the actual quarterly earnings results.
I mean, there were test filings, but they weren't really test filings.
They had real information that could be traded upon.
And these guys, these hackers who I should also mention, they had previously broken into allegedly companies that disseminate corporate news releases, and they were able to trade upon that.
They found these test filings that many of us didn't even know existed.
And they exploited them allegedly to the tune of the profit that they and their conspirators earned.
Showing 101–120 of 248 · page 6 of 13
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