Law enforcement officials have apprehended four people—including two college friends who are graduates of Florida State University—involved in “a complex securities fraud scheme” that has been connected to the data breach, Bloomberg said. A fifth person remains at large.
Two Israeli men, Gery Shalon and Ziv Orenstein, as well as a U.S. citizen Joshua S. Aaron are among those charged with participating in a pump-and-dump plot, the report said. They allegedly used bulk emails and pre-planned trading to boost certain stock prices to their benefit.
The grand jury indictment, unsealed in Manhattan on Tuesday, according to Bloomberg, revealed that at least five stocks were manipulated in years past.
The JPMorgan data breach last summer compromised the personal information of 83 million individuals and small businesses. Following the breach, JPMorgan’s CEO Jamie Dimon said he would increase the bank’s investment in cybersecurity. A March New York Times story had hinted that investigators were getting close to making arrests.
For more information, read the developing story on Bloomberg.