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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.
Variation Margin: Payment made on a daily or intraday basis
Variation Margin: Payment made on a daily or intraday basis by a clearing member to the clearing organization based on adverse price movement in positions carried by the clearing member, calculated separately for customer and proprietary positions.
Securities News
Latest news about securities cases in Utah and nationwide:
Definition:
The amount of money or collateral deposited by a customer with his broker, by a broker with a clearing member, or by a clearing member with a clearing organization. The margin is not partial payment on a purchase.
Carrying Charges
Definition:
Cost of storing a physical commodity or holding a financial instrument over a period of time. These charges include insurance, storage, and interest on the deposited funds, as well as other incidental costs.
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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