The federal Securities and Exchange Commission has charged a Latvian man with participating in a pump-and-dump
scheme that manipulated the value of more than 100 New York Stock Exchange and Nasdaq stocks. According to the complaint
, filed Thursday, Igor Nagaicevs infiltrated the online brokerage accounts of victims to make "unauthorized purchases or sales" more than 150 times during a 14-month period. He then separately traded those securities to make more than $850,000 in ill-gotten profits, prosecutors said. The SEC filed a separate, cease-and-desist order
against the firms that enabled him to make the trades, alleging they were not registered as brokers and allowed Nagaicevs to remain anonymous.