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These hackers allegedly stole insider info to make big trades

Dow Drops Over 120 Points in Trading TodayDow Drops Over 120 Points in Trading Today
Traders work on the floor of the New York Stock Exchange (NYSE) on August 06, 2015 in New York City. The Dow Jones industrial average fell 120 points today as Wall Street braces for Friday's employment report which will give a more solid indication of the timing of a rate hike by the Federal Reserve. Photograph by Spencer Platt — Getty Images

A group of financial fraudsters worked with foreign hackers to access unpublished press releases and trade on the information therein, federal authorities said Tuesday.

The U.S.-based traders worked with Eastern European computer hackers to target press release distribution companies in a scheme that netted over $100 million in ill-gotten gains. Nine people have been arrested in the case, The New York Times reports.

This kind of stock-trading cybercrime has become a growing problem for law enforcement. In November, the cybersecurity firm FireEye (FEYE) published a report on a group that has been targeting pharmaceutical and health care executives in order to get ahold of confidential information, likely for an illegal edge in the markets.

The latest incident appears to echo a 2005 case against an Estonian financial services firm called Lohmus Haavel & Viisemann, the Wall Street Journal notes. That group, which also stole press releases electronically, made off with nearly $8 billion before settling with the SEC for $14 million in the end.

At least six government agencies—the Federal Bureau of Investigation, the Securities and Exchange Commission, the Secret Service, the Department of Homeland Security and the U.S. attorney’s offices in Brooklyn and New Jersey—will bring the charges against the group, the Journal reports.

Update 8/11/15: The SEC has unsealed its complaint. The 60-page document is available here.