Friday, December 10, 2010, 12/10/2010 02:04:00 PM

Ex-Goldman Sachs Programmer Found Guilty of Theft of High Frequency Trading Source Code Secrets

By Todd

The Wall Street Journal and many other news agencies are reporting that Sergey Aleynikov, the former Goldman Sachs high frequency trading programmer, has been found guilty by a federal jury in New York of theft of trade secrets and transportation of stolen property in interstate and foreign commerce. This is the second conviction in the federal court in Manhattan for this identical crime. The first, you'll recall, was the recent conviction on November 24th of Samarth Agrawal for the same type of theft from Societe Generale.

These two prosecutions are major victories for the U.S. Attorney's Office in Manhattan. We anticipate that the government will not be as hesitant to bring these actions in the future now that they have found juries able and willing to convict in these matters. Sentencing for Mr. Aleynikov will take place on March 18th.


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