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Mar. 13, 2007 at 8:23am Eastern by Barry Schwartz
Google Stock Driven Up By "Put Options" Scam, Says SEC
Indian Crime Ring Targeted Google in Online Fraud from Bloomberg reports that civil and criminal charges have been filed against three Indian citizens for allegedly manipulating Google's stock price to make a profit.
USA Today reports the three men are Jaisankar Marimuthu (32), Chockalingam Ramanathan (33), and Thirugnanam Ramanathan (34). They reportedly "hijacked" 60 brokerage accounts, and purchased Google stock to drive up the price.
One firm lost $2 million and one individual left for vacation to find his account drop from $180,000 to a negative $200,000 balance.
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By Barry Schwartz
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See Related Stories In: Google: Business Issues
Not that it matters much, but that's not what the SEC said.
It was some obscure Google OPTIONS, not the stock itself, which was driven up by the manipulation.
Small-timers can't do that to Google STOCK. That sort of gaming is the province of sleazy brokers and funds 1/2 :-).