The verdict of guilty against Mr. Aleynikov, accused of stealing a computer code used for ultra-fast transactions on the Wall Street Stock Exchange, was pronounced in December.
Former IT analyst Goldman Sachs, Sergey Aleynikov, was sentenced to ninety-seven months in prison for stealing trade secrets, the New York federal prosecutor announced on Friday.
The verdict of guilty against Mr. Aleynikov, accused of stealing a computer code used for ultra-fast transactions on the Wall Street Stock Exchange, was pronounced in December. Aged 40, Mr Aleynikov was risking up to 15 years in prison, and will also pay $ 12,500, according to AP.
High frequency trading, or high-speed automated trading – transactions are in milliseconds – has become an increasingly important business, generating millions of profits for banks and stock companies. The algorithmic code kept by each institution is a particularly protected secret.
“Today’s sentence sends the clear message that professionals who, like Sergey Aleynikov, abuse their position of trust to steal confidential information belonging to their employers will be prosecuted and punished,” said prosecutor Preet Bharara.
COPYED CODE LINES
The facts date back to May 2007 to June 2009, during which, according to justice, Mr. Aleynikov illegally copied lines of code used for “high frequency trading”, transferring them to various personal external media. In July 2009, he brought to his new employer, Teza Technologies, who wanted to develop his business in this area, a laptop and a hard drive containing codes belonging to Goldman Sachs. He had arrested the next day, July 3, 2009.
After a similar lawsuit, a former General Society broker in New York, Samarth Agrawal, also found guilty of stealing computer code used for high-speed transactions, was sentenced last month to three years in prison.
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