Thursday, 9 July 2015

Goldman Sachs programmer has HFT code theft conviction overturned

From Finextra –

“Former Goldman Sachs programmer Sergey Aleynikov has had a conviction for stealing the bank's propriety HFT code thrown out for the second time.

State judge Justice Daniel Conviser overturned a jury verdict from May that found Aleynikov guilty of breaking a law called the "unlawful use of secret scientific material".

In a 72-page opinion, Conviser wrote that the programmer "acted wrongly" when he copied Goldman's HFT code when he left the firm in 2009 but that prosecutors "did not prove he committed this particular obscure crime".

This is the second time that Aleynikov has had a conviction overturned. He was first found guilty by a Manhattan jury in December 2010 of federal criminal charges relating to the theft of trade secrets and interstate transportation of stolen property. However, after serving little more than a year of his 97 month sentence, a US Appeals Court overturned the conviction.”

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