Compliance professional charged with insider trading

Goldman Sachs compliance staffer charged with insider trading

From Finextra –

“A former Goldman Sachs staffer has been charged by the Securities and Exchange Commission with making nearly half a million dollars by stealing non-public information from the bank's email system and using it to make illegal trades ahead of client mergers.”

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It looks like banks might have rigged another huge market

From Business Insider –

“The market for US Treasury bonds may have been rigged.

That’s according to a federal antitrust lawsuit, first reported by Bloomberg's Alexandra Scaggs and Matthew Leising.

The plaintiffs — Cleveland Bakers and Teamsters Pension Fund, represented by law firm Quinn Emmanuel Urquhart & Sullivan — claim that Treasury dealers including Goldman Sachs, JPMorgan, and Morgan Stanley coordinated to manipulate primary market Treasury auctions.”

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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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