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Friday, April 19, 2024

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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