Feds eye AP hoax ‘profits’
By GEOFF EARLE
Last Updated: 7:45 AM, April 29, 2013
WASHINGTON — It took only about five minutes for the market to tank and rebound after a group hacked the Associated Press’ Twitter feed to put out bogus information — and now the feds are taking a longer look to find out who got rich during the chaos.
The Securities and Exchange Commission and the Commodity Futures Trading Commission have each opened investigations into the hack that falsely reported “explosions in the White House and Barack Obama is injured” and briefly wiped away $136 billion in market value.
Sources in and out of government say investigators will sort through the big financial winners and not just conduct a standard review of a market swing.
https://www.nypost.com/p/news/national/feds_eye_ap_hoax_profits_NwLFuxUNwaKcfaDirSCl0L
There will be lots of algos that profited simply by virtue of having been programmed to expect any such market shock. Finding someone who was connected to the hoax in a financial capacity will be a little harder than just looking at P&L statements.