Hacker gets two years for stock manipulation

Date: September 12, 2008
Source: vnunet.com


A Malaysian hacker has been sentenced to two years in prison by US authorities for breaking into stock trading accounts and using them to ramp up prices in useless shares.

Thirugnanam Ramanathan, 35, joined a group of hackers who bought low value shares from February to December 2006 then used stolen internet stock accounts to buy the same shares, thereby boosting the price.

At least 60 customers and nine brokerage firms in the US have been identified as victims.

According to information presented during the sentencing hearing, brokerage firms sustained more than $300,000 in losses during Ramanathan's participation in the scam.
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