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 […]
Barry Schwartz on March 13, 2007 at 8:23 am | Reading time: 1 minute
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.
Related stories
New on Search Engine Land
About the author
Staff
Barry Schwartz is a Contributing Editor to Search Engine Land and a member of the programming team for SMX events. He owns RustyBrick, a NY based web consulting firm. He also runs Search Engine Roundtable, a popular search blog on very advanced SEM topics. Barry can be followed on Twitter here.