An Alabama man who used a counterfeit ID to execute a SIM swap and hijack the SEC's social media account has been sentenced.
His actions caused significant Bitcoin market volatility through a false ETF approval announcement in January.
SEC and FINRA are looking into issues around stock surges and crypto-treasury announcements.
A U.S. federal
judge sentenced the resident of Alabama to 14 months in prison for his
involvement in compromising the Securities and Exchange Commission's (SEC) social
media account on X, formerly Twitter. The hack led to a false announcement
about Bitcoin (BTC) ETF approvals that temporarily moved cryptocurrency
markets.
Alabama Man Gets 14-Month
Sentence for SEC X Account Hack
Eric
Council Jr., 26, of Huntsville, Alabama, who pleaded guilty in February to
conspiracy to commit aggravated identity theft and access device fraud, will
also serve three years of supervised release following his prison term.
According
to court documents, Council executed an unauthorized SIM swap to gain control
of the SEC's X account. The operation allowed his co-conspirators to post a
fabricated announcement in January claiming the
SEC had approved Bitcoin ETFs, a decision that market participants had been
eagerly anticipating.
“Council
and his co-conspirators used sophisticated cyber means to compromise the SEC's
X account and posted a false announcement that distorted important financial
markets,” said Matthew R. Galeotti, Head of the Justice Department's
Criminal Division.
Investigators
revealed that Council created a fraudulent identification card using personally
identifiable information obtained from co-conspirators. He used this fake ID to
impersonate a victim and gain control of their phone number, which provided
access to the SEC's social media account.
“The
deliberate takeover of a federal agency's official communications platform was
a calculated criminal act meant to deceive the public and manipulate financial
markets,” said FBI Criminal Investigative Division Acting Assistant
Director Darren Cox.
U.S.
Attorney Jeanine Pirro for the District of Columbia emphasized the broader
implications of such schemes, stating they “threaten the health and
integrity of our market system” and warned potential perpetrators:
“Don't fool yourself into thinking you can't be caught.”
A U.S. federal
judge sentenced the resident of Alabama to 14 months in prison for his
involvement in compromising the Securities and Exchange Commission's (SEC) social
media account on X, formerly Twitter. The hack led to a false announcement
about Bitcoin (BTC) ETF approvals that temporarily moved cryptocurrency
markets.
Alabama Man Gets 14-Month
Sentence for SEC X Account Hack
Eric
Council Jr., 26, of Huntsville, Alabama, who pleaded guilty in February to
conspiracy to commit aggravated identity theft and access device fraud, will
also serve three years of supervised release following his prison term.
According
to court documents, Council executed an unauthorized SIM swap to gain control
of the SEC's X account. The operation allowed his co-conspirators to post a
fabricated announcement in January claiming the
SEC had approved Bitcoin ETFs, a decision that market participants had been
eagerly anticipating.
“Council
and his co-conspirators used sophisticated cyber means to compromise the SEC's
X account and posted a false announcement that distorted important financial
markets,” said Matthew R. Galeotti, Head of the Justice Department's
Criminal Division.
Investigators
revealed that Council created a fraudulent identification card using personally
identifiable information obtained from co-conspirators. He used this fake ID to
impersonate a victim and gain control of their phone number, which provided
access to the SEC's social media account.
“The
deliberate takeover of a federal agency's official communications platform was
a calculated criminal act meant to deceive the public and manipulate financial
markets,” said FBI Criminal Investigative Division Acting Assistant
Director Darren Cox.
U.S.
Attorney Jeanine Pirro for the District of Columbia emphasized the broader
implications of such schemes, stating they “threaten the health and
integrity of our market system” and warned potential perpetrators:
“Don't fool yourself into thinking you can't be caught.”
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
iFOREX Adds Saudi and South Korean Equity CFDs as IPO Is Delayed
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
