Two Israeli hackers have been charged with stealing millions of dollars in one of the biggest cyber frauds in history.

Gery Shalon, 31, and Ziv Orenstein, 40, were allegedly part of a three-man hacking gang that purchased blocks of practically worthless shares before illegally manipulating the market to gain at least $2.8m (£1.8m) in profit.

The defendants allegedly sent millions of spam emails to victims whom they pressured to buy stocks owned by the trio in order to drive the price up, before selling their shares.

The two Israelis - along with American citizen Joshua Samuel Aaron, who lives in Tel Aviv - were picked up by Israeli police on Tuesday after being charged by authorities in the US.

They are said to have manipulated at least five stock prices in 2011 and 2012.

If found guilty of the New York grand jury indictment, the men could face 20 years in prison.