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"Most people think of fraudulent transactions," Mr. May said.
The case unfolded after a prominent short-seller accused the company of engaging in fraudulent transactions.
The information gleaned from the fake sites is used to make fraudulent transactions.
The goal is to hijack a trusted seller's account and use it to make fraudulent transactions.
Several of the fraudulent transactions were through Transport for London (TfL).
Prosecutors said Mr. Pritchard made $800,000 to $1.5 million on the fraudulent transactions.
One wrote: "We've had our card compromised and used in fraudulent transactions just three days ago.
Until recently, the banks would normally have shouldered the cost of such fraudulent transactions.
In other fraudulent transactions, a borrower might purposefully default on a mortgage he or she could actually afford.
Or companies like LifeLock and TrustedID, which monitor people's credit reports for fraudulent transactions to protect against identity theft.
And please, let us not bring up "retroactive" taxation in any context (with the exception perhaps of fraudulent transactions).
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com