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Second man arrested in brokerage hacking scheme

Fri Jul 10, 2009 11:43 AM EDT
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Associated Press
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OMAHA — A man has pleaded not 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 was brought to the United States to face 23 charges last month after completing a three-year prison sentence in Hong Kong.

The Justice Department says Marimuthu is one of three men involved in a "hack, pump and dump" scheme that affected at least 60 customers and nine U.S. brokerages, including Omaha-based TD Ameritrade.

Last year, Thirugnanam Ramanathan was sentenced to two years in prison and ordered to pay $362,000 for his role in the scheme. Chockalingham Ramanathan remains at large.

© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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