Over the weekend, stories surfaced about a potential fraud within Apple's (NASDAQ:AAPL) iTunes where an application developer, That Nguyen, was manipulating the rankings by using hacked iTunes accounts to purchase his own apps.
In addition:
BBC News reports that a Vietnamese developer has been banned from Apple Inc (NASDAQ:AAPL) app store on grounds that he fraudulently promoted his apps to the best-seller list.
Apple officials said that Thuat Nguyen used credit card information from 400 iTunes accounts, which he hacked into, to increase sales of his comic book apps; at one point Nguyen's apps accounted for 42 of the top 50 sold book apps on iTunes.
Apple officials said that iTunes security has been tightened since the incident was discovered, even though iTunes servers were reportedly not compromised.
Shares of Apple closed Tuesday's trading day at $248.63.
NOW At 10:01AM EDT: 251.18 2.55 (1.03%)