The U.S. Department of Justice (DoJ) has charged an individual for engaging in insider trading on the darknet.
Greece-based Apostolos Trovias, known as the “The Bull” frequently used encrypted messaging services and the dark web for soliciting, exchanging and selling inside information.
Taking ‘The Bull’ by his horns
This month, U.S. DoJ indicted Apostolos Trovias aka “The Bull” for insider trading via the darknet, since at least 2016.
The 30-year old, Athens-based Trovias allegedly used dark web and encrypted messaging apps for years to engage in securities fraud and money laundering activities.
The alleged fraud scheme was used to solicit and sell stock trading tips, pre-release earnings, and deal information related to public companies.
The scheme comprised related efforts to help procure and monetize confidential non-public information, including:
- the sale of misappropriated stock tips based on confidential customer trading information,
- the sale of pre-release earnings reports and deal information misappropriated from publicly-traded companies,
- the attempted creation of an online marketplace to connect, for a commission, individuals misappropriating Inside Information to individuals willing to pay for and trade on Inside Information.