Norwegian day traders accused of breaking Timber Hill algo and manipulating prices

Norwegian day traders accused of breaking Timber Hill algo and manipulating prices

Norwegian police have arrested two men accused of cracking the algorithms of US broker Timber Hill and manipulating share prices, according to local press reports.

Day traders Svend Egil Larsen and Peder Veiby face up to six years in jail for the attack on the Interactive Broker unit's algo and artifically inflating the share price of three companies listed on the Oslo Stock Exchange, says Dagens Næringsliv.

Between November 2007 and March 2008, the pair conducted over 2200 transactions in the three firms, giving a false impression of their value, say police. Veiby is thought to have made around NKr250,000 from the scam and Larson NKr160,000.

You can read a translated version of the Dagens Næringsliv report here.

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