Tuesday, April 27, 2010

Indian National Recieves 81 months, $2.5M Fine for Stock Scheme

Jaikumar Vijayan writes on ComputerWorld:

An Indian national was sentenced Monday to 81 months in prison for hacking into online brokerage accounts and using those accounts to manipulate stock prices for personal gain.

Jaisankar Marimuthu, 36, of Chennai, India, was also ordered to pay close to $2.5 million in restitution to the more than 90 people and seven brokerage firms that were victims of his illegal capers.

In February, Marimuthu pleaded guilty in federal court in Omaha to one count each of conspiracy to commit wire fraud, securities fraud, computer fraud and aggravated identity theft.

Marimuthu was arrested in Hong Kong and extradited to the U.S. last June. He had initially pleaded not guilty to the charges, but changed his mind earlier this year.

More here.


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