Ex-Goldman Programmer Is Convicted

[cory777]

Source: New York Times

A jury has found a former Goldman Sachs computer programmer guilty of stealing source code from the bank’s high-frequency trading platform.

The trial of Sergey Aleynikov, a 40-year-old Russian immigrant, spotlighted the world of high-frequency trading, which uses complex computer algorithms to make rapid-fire trades to exploit tiny price discrepancies. High-frequency trading has become a growing important source of revenues at Wall Street firms. As a result, banks fiercely protect the code underpinning their businesses.

Mr. Aleynikov faces up to 10 years in prison when he is sentenced.

The verdict is a victory for the United States attorney’s office in Manhattan, which brought the case and has recently raised its profile in its aggressive pursuit of corporate crime. It is also a win for the Justice Department broadly, which has made the prosecution of high-tech crime a priority.

Read more: http://dealbook.nytimes.com/2010/12/10/ex-goldman-programmer-is-convicted/

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