SEC says it was hacked, possibly resulting in illegal profits

By Ray Downs  |  Sept. 21, 2017 at 2:05 AM
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Sept. 21 (UPI) -- The U.S. Securities and Exchange Commission said Wednesday night that its online filing system was hacked, and the culprits may have made profits on illicit trades.

SEC chairman Jay Clayton said in a statement that the agency learned last month that its systems were likely hacked in 2016.

The SEC's EDGAR filing system, which is used to process corporate disclosure documents, was the subject of the hack.

According to Bloomberg, hacking into the EDGAR system would give access to millions of documents with information about companies before it's made public, giving an investor valuable knowledge about where to funnel money in the stock market.

Clayton did not delve into details about what information was obtained, but he said the investigation is ongoing and the SEC is "coordinating with appropriate authorities."

The SEC's announcement comes only two weeks after credit reporting agency Equifax announced it was hacked, giving hackers access to personal information from more than 140 million people.

The Federal Trade Commission announced last week it is investigating the breach.

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