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SEC and U.S. Attorney Charge Three Offshore Hackers Manipulating Market
Today the United States Securities and Exchange Commission announced the filing of civil charges against Jaisankar Marimuthu, Chockalingam Ramanathan and Thirugnanam Ramanathan, three Indian nationals who participated in a fraudulent scheme to manipulate the prices of at least fourteen securities through the unauthorized use of other people’s online brokerage accounts. One victim had $180,000 cash and equity in his online brokerage account before a five-day fishing trip only to find a negative $200,000 balance when he returned.
In a related action, the U.S. Department of Justice announced that a federal court in Nebraska today unsealed a twenty-three count indictment against the individuals charged in the Commission’s complaint.
“Hackers who prey on American investors—no matter what continent they’re operating from—are meeting their match with powerful adversaries in the Department of Justice and the Securities and Exchange Commission. We will go anywhere on earth to stop these thieves and hold them accountable,” said SEC Chairman Christopher Cox. Read more at sec.gov.
Definition:
Interest deemed to be earned on a security but not yet paid to the investor.
Basis Swap
Definition:
A swap whose cash settlement price is calculated based on the basis between a futures contract and the spot price of the underlying commodity or a closely related commodity on a specified date.
Systemic Risk
Definition:
The risk that a default by one market participant will have repercussions on other participants due to the interlocking nature of financial markets. For example, Customer A’s default in X market may affect Intermediary B’s ability to fulfill its obligations in Markets X, Y, and Z.
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