Three Indians hack US online brokerage

STOCKS SCAM: 60 customers and nine brokerage firms lost millions of dollars due to the fraud.

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New Delhi: Three Indian computer hacker suspects, including two from Chennai, have been charged by the United States in connection with a stocks scam that artificially boosted equity prices by using hacked websites. One of the accused currently lives in Malaysia.

According to the US Department of Justice, the three face nearly two dozen charges of conspiracy, computer fraud, wire fraud, securities fraud and aggravated identity theft in what the US authorities described as a "hack, pump and dump" scheme designed to hijack online brokerage accounts for profit.

The suspects have been identified as Jaisankar Marimuthu (32) and Chockalingam Ramanathan (33) of Chennai and Thirugnanam Ramanathan (34), who was last reported in Malaysia.

Jaisankar and Thirugnanam have been detained in Hong Kong, but Chockalingam is still at large, US officials said.

It's the first time that some arrests have been made overseas for any online brokerage scam in the United States. The US is likely to seek the extradition of the arrested duo to face charges in Nebraska.

On Monday, the US Department of Justice announced a 23-count indictment against the two. Thirugnanam is a native of India, but a Malaysian resident at present.

Jaisankar was arrested on December 20, 2006, by the Hong Kong Police on charges of computer fraud, money laundering and possession of equipment to make a false instrument.

Thirugnanam was arrested by authorities in Hong Kong on January 26, 2007, in pursuant to a US provisional arrest warrant.

The conspiracy and computer fraud charges in this case each carry a maximum sentence of five years in prison.

Wire fraud and securities fraud carry maximum sentences of 20 and 15 years respectively. Each count of aggravated identity theft adds two years in prison.