Indian national admits to hacking TD Ameritrade, other online brokerages

An Indian man has pleaded guilty to participating in a scheme to access online brokerage accounts to jack up stock prices and reap thousands of dollars in illegal profits.
FEB 25, 2010
An Indian man has pleaded guilty to participating in a scheme to access online brokerage accounts to jack up stock prices and reap thousands of dollars in illegal profits. Jaisankar Marimuthu pleaded guilty Friday to several charges, including securities fraud and identity theft. Marimuthu faces up to seven years in prison when he is sentenced on April 26. The Justice Department says Marimuthu is one of three men involved in a "hack, pump and dump" scheme that affected at least 95 customers and nine U.S. brokerages, including Omaha-based TD Ameritrade. According to the indictment, Marimuthu was part of the conspiracy operated out of Thailand and India from February 2006 through December 2006. In 2008, Thirugnanam Ramanathan was sentenced to two years in prison and ordered to pay $362,000 for his role. He has been returned to India. Chockalingham Ramanathan remains at large.

Latest News

Maryland bars advisor over charging excessive fees to clients
Maryland bars advisor over charging excessive fees to clients

Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.

Wave of SEC appointments signals regulatory shift with implications for financial advisors
Wave of SEC appointments signals regulatory shift with implications for financial advisors

Reshuffle provides strong indication of where the regulator's priorities now lie.

US insurers want to take a larger slice of the retirement market through the RIA channel
US insurers want to take a larger slice of the retirement market through the RIA channel

Goldman Sachs Asset Management report reveals sharpened focus on annuities.

Why DA Davidson's wealth vice chairman still follows his dad's investment advice
Why DA Davidson's wealth vice chairman still follows his dad's investment advice

Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.

401(k) participants seek advice, but few turn to financial advisors
401(k) participants seek advice, but few turn to financial advisors

Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave