SEC Admits US Public Filing System Was Hacked, “May Have Resulted” In Countless Illegal Profits

Over two years ago, on an otherwise uneventful Thursday in May 2015, shares of Avon Products suddenly jumped 20% leaving investors stunned. The catalyst was quickly discovered: a filing recently uploaded to Edgar, the SEC’s public filings database and purportedly from London-based ‘PTG Capital’, claimed that the “private-equity” firm was bidding to take Avon private. Upon closer inspection, investors noticed a series of glaring, suspicious errors. For one, the document was riddled the spelling mistakes – the firm’s own name, consisting of a three-letter acronym – was repeatedly misspelled. The address listed for the firm was quickly revealed to be fake. And, as it turned out, there was no PTG capital operating in London – or anywhere, for that matter.
Investors quickly concluded that the filing was a hoax, and Avon shares crashed back to earth. US authorities eventually blamed it on a Bulgarian hacker who the agency claimed earned a meager profit of $5,000 for his efforts.

This post was published at Zero Hedge on Sep 21, 2017.

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