Indian pleads guilty in intl brokerage hacking scheme

Yoshita Singh
Chicago, Feb 7 (PTI) An Indian man has pleaded guilty to
participating in an international fraud scheme to hack online
brokerage accounts in the US and use them to manipulate stock
prices to reap thousands of dollars in illegal profits and
faces up to 7 years in prison during the April 26 sentencing.

35-year-old Jaisankar Marimuthu, a native of Chennai,
pleaded guilty to one count of conspiracy to commit wire
fraud, securities fraud, computer fraud and aggravated
identity theft, and to one count of aggravated identity theft
before US District Magistrate Judge FA Gossett III in Omaha,
Nebraska on February 5.
Marimuthu, who was extradited to the US in June 2009 for
trial following his arrest in Hong Kong, faces up to seven
years in prison, a maximum fine of USD 500,000 and three years
of supervised release following his prison term.
Sentencing has been set for April 26 before US District
Court Judge Laurie Smith Camp.
According to the indictment, Marimuthu was part of a
conspiracy operated out of Thailand and India between February
and December 2006 in which the prices of thinly-traded
securities were fraudulently inflated by hacking into
brokerage accounts in the US and then illegally using the
accounts to make large unauthorised purchases of securities in
the name of unsuspecting customers.
After the price of the securities had been artificially
increased or "pumped up" through the bogus trading, Marimuthu
admitted that the conspirators' own holdings of the securities
would be sold at profit. (More) PTI YAS
AHM


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