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A self-described day trader was indicted Wednesday on allegations he conspired to hack into online brokers accounts to conduct coordinated trades that cost the affected firms more than $2 million, according to the U.S. Attorney’s Office for the Eastern District of New York.

Joseph Willner was indicted on four counts, including conspiracy to commit wire fraud and securities fraud, for his alleged part in the trade hacks. Prosecutors say that between September 2014 and May 2017, Willner and alleged co-conspirators gained access to more than 50 online brokerage accounts. Willner would make stock short sales at inflated prices, according to prosecutors. At the same time, they say, Willner’s co-conspirators, who gained access over victims’ brokerage accounts, placed orders to buy the stocks at the artificially high prices.

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Colby Hamilton

B. Colby Hamilton is a litigation reporter for the New York Law Journal and Law.com.

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