Thieves earn $1.6 million by selling tickets bought with stolen credit cards

Credit cards (illustration) 
By: Feng Qian

(Scroll down for video) A man was arrested after his elaborate credit card scam was uncovered.

Police in New York, learned that 32-year-old Vadim Polyakov, was the leader of an international Stubhub scam.

Polyakov and his right hand man, Nikolay Matveychuk, 23, bought tickets through Stubhub with stolen credits. They then resold the tickets for a profit, prosecutors said.

The men used 3,500 credit cards to purchase the tickets from StubHub, which is an online marketplace owned by eBay, that allows people to buy and sell tickets for sports, concerts and live entertainment events.

The men were part of an international ring of cyber thieves who allegedly hacked into the accounts of more than 1,000 StubHub users and stole their credit card information.

Polyakov, who is Russian national, was extradited to the United States, after he was arrested while on vacation in Spain, to face charges over his fraud in New York.

Manhattan District Attorney Cyrus Vance Jr. said in a press release that three of Polyakov’s accomplices were arrested in London, England, two were arrested in the United States, and one was arrested in Canada.

Polyakov pleaded guilty to the charges that were brought against him. With the assistance of a translator, he told the court: “I didn't steal the credit cards myself, but I knew that they were stolen.”

Polyakov earned about $1.6 million from the scam. Polyakov, who is facing four to twelve years in prison, agreed to forfeit $90,000 and equipment he used in the scam.