Three Charged in Online Brokerage Scam


	Three Charged in Online Brokerage Scam

twokatmew

3-14-2007 3:03 AM

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finance, scam, brokerage, investing, stock market

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/5fd5cd76-c5de-4e99-a2c6-fee404918206/BC128216-F2AD-4270-8EC1-102CED003D97/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://news.com.com/2100-7348_3-6166722.html" href="http://news.com.com/2100-7348_3-6166722.html" style="font-size: 11px;">news.com.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://news.com.com/2100-7348_3-6166722.html"><P><B>Federal authorities have charged three men with hacking into online brokerage accounts and using the proceeds to manipulate the stock of Google, Sun Microsystems and 12 other companies.
</B></P><P>
Indian nationals Jaisankar Marimuthu, Chockalingam Ramanathan and Thirugnanam Ramanathan were arrested and indicted on multiple counts, marking the first time an arrest and federal charges were made in an online brokerage account intrusion case.
</P><P>
The men allegedly took positions in 14 stocks and then hacked into online U.S. brokerage accounts between July and November 2006. Using the victims' own account funds, the defendants allegedly pumped up the market for those shares and then dumped them, accumulating profits of more than $121,500. The brokerages subsequently suffered damages of more than $875,000 for the compromised accounts.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/BC128216-F2AD-4270-8EC1-102CED003D97/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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