http://www.sajaforum.org/2007/03/crime_three_fro.html
Two men in Chennai and one Indian who lives in Malaysia have been indicted in what the Justice Department is calling a "hack, pump and dump" scheme of breaking into the accounts of online brokers. From the press release (in full below):
"A federal grand jury in Omaha, Neb., has indicted three individuals on charges of conspiracy, fraud and aggravated identity theft stemming from a high-tech, international fraud scheme designed to hijack online brokerage accounts for profit, Assistant Attorney General Alice S. Fisher of the Criminal Division, U.S. Attorney Joe W. Stecher for the District of Nebraska, FBI Executive Assistant Director for Criminal Investigations Michael A. Mason, and Securities and Exchange Commission (SEC) Chairman Christopher Cox announced today."
"The 23-count indictment, returned in January 2007 and unsealed today, charges Jaisankar Marimuthu, 32, a resident of Chennai, India, and Chockalingam Ramanathan, 33, a resident of Chennai, India, each with one count of conspiracy, eight counts of computer fraud, six counts of wire fraud, two counts of securities fraud, and six counts of aggravated identity theft as part of this "hack, pump and dump" scheme. The indictment also charges Thirugnanam Ramanathan, 34, a native of India and resident of Malaysia, with one count of conspiracy, two counts of computer fraud, and two counts of aggravated identity theft."
This is the first time that anyone's been arrested overseas for an "online brokerage intrusion scheme" in the U.S.
"As part of this ongoing investigation, at least 60 customers and nine brokerage firms in the United States and elsewhere have been identified as victims, with one of the brokerage firms reporting more than $2 million in losses."
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