Hacker gets two years for stock manipulation

By

A Malaysian hacker has been sentenced to prison by US authorities for breaking into stock trading accounts and using them to boost share prices.

Hacker gets two years for stock manipulation
From February 2006 through December 2006 Thirugnanam Ramanathan, 35, joined a group of hackers who would buy low value shares then use stolen internet stock accounts to buy the same shares, boosting their price.

He pled guilty to one charge of conspiracy to commit wire fraud, securities fraud, computer fraud and aggravated identity theft and was sentenced to two years in prison, fined $362,247 and given three years of supervised release.

At least 60 customers and nine brokerage firms in the United States have been identified as victims. According to information presented during the sentencing hearing, brokerage firms sustained more than $300,000 in losses during Thirugnanam Ramanathan’s participation in the scheme.

Two other men, Jaisankar Marimuthu, 33, and Chockalingham Ramanathan, 34, have been named as co-conspirators. Marimuthu is currently in prison in Hong Kong awaiting extradition while Ramanathan is still at large.
Got a news tip for our journalists? Share it with us anonymously here.
Copyright ©v3.co.uk
Tags:

Most Read Articles

India's alarm over Chinese spying rocks CCTV makers

India's alarm over Chinese spying rocks CCTV makers

Hackers abuse modified Salesforce app to steal data, extort companies

Hackers abuse modified Salesforce app to steal data, extort companies

Cyber companies hope to untangle weird hacker codenames

Cyber companies hope to untangle weird hacker codenames

Victoria's Secret pulls down website amid security incident

Victoria's Secret pulls down website amid security incident

Log In

  |  Forgot your password?