& # 39; I was just trying to get ahead in life & # 39 ;: how a man made a fortune by using hi-tech methods to steal stock market tips, but lost it all after being caught
- Steven Oakes, 42, from Sydney visited the Port Phillips office in 2012
- He hacked their network with the help of software and gained access to personnel accounts
- Oakes was able to obtain inside information about when to purchase certain shares
- Over a four-year period, Oakes earned more than $ 200,000 through his scam
An IT expert earned more than $ 200,000 by using hi-tech methods to steal confidential stock market tips from a financial publisher, but lost everything after being investigated.
Steven Oakes, 42, from Sydney visited Port Phillip Publishing offices in 2012 and decoded their computer network using the Aircrack software.
Oakes was able to remotely access personnel accounts with privileged access and used the insider information he found to buy shares that were & # 39; buy & # 39; would be recommended.
His stock market scam collapsed towards the end of 2015 when the publisher upgraded his computer network security and was investigated by the Australian Securities and Investments Commission.
Steven Oakes (photo), 42, from Sydney visited the office in 2012 and decoded their computer network using a program called Aircrack
Oakes used the information he had obtained from the financial publisher on 70 different occasions to purchase shares in 52 ASX-listed companies over a four-year period.
He made an average profit of 6.5 percent when he sold the shares the day after the share recommendations were published and the prices were appreciated.
ASIC officials visited Oakes & Home when their investigation began and found random computer components scattered throughout his living room.
Oakes was able to remotely access personnel accounts with privileged access and used insider information to purchase specific shares that would be recommended if & # 39; buy & # 39; making him more than $ 200,000 (photo Port Phillips Publishing)
& # 39; What reminded us that he wasn't just lucky was the pattern of his trade and the timing of his purchases & # 39 ;, said Peter Ridgley, researcher at ASIC. Business insider.
& # 39; (It seemed more than just a coincidence. & # 39;
Oakes received a mandatory notification from ASIC to transfer his phone and computer, but he wiped the data from both devices.
Although Oakes tried to cover up his tracks, researchers were able to find three critical pieces of evidence that led him to be charged with eleven different points.
Oakes told investigators that he hacked the financial publisher because he wanted to "make more progress in life," as reported by The age.
He also justified his actions because he believed & # 39; it was a whole system that was unfair & # 39 ;.
His stock market scam collapsed towards the end of 2015 when the publisher upgraded his computer network security and was investigated by the Australian Securities and Investments Commission
Oakes appeared on Tuesday in the County Court of Melbourne and pleaded guilty to eight counts of insider trading and an indictment against unauthorized access to data on a computer with the intention of committing a serious crime.
He also pleads guilty to one count that leads to the camouflage, destruction, mutilation or alteration of information required by the Australian Securities and Investments Commission.
Judge Fox said during the sentencing that his crimes were motivated by his greed and insider trading was & # 39; not a crime without victims & # 39 ;.
Oakes was sentenced to three years in prison but will be released after 18 months if he shows good behavior.
Since his plan was unraveled, Oakes had worked as a ride-share driver and lived with his parents.
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