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Chinese Traders Charged With Insider Trading on Hacked Information (usatoday.com)
Chinese traders hacked into the computer systems of U.S. law firms that handle mergers, then used the data for insider trading that generated more than $4 million in illegal profits, federal prosecutors and regulators charged Tuesday. From a report on USA Today: The suspects in the alleged criminal marriage of cyber-hacking and securities fraud targeted at least seven law firms and other entities that handle the sensitive and often lucrative legal work of advising companies pursuing mergers and acquisitions, according to a 13-count superseding indictment unsealed in New York. Operating from April 2014 through late 2015, the alleged scheme ultimately gained access to secret information from two law firms about pending corporate deals, prosecutors charged. The suspects allegedly prized, targeted and gained access to the emails of attorneys directly involved in the deals. Prosecutors charged they exchanged a list of partners who performed such work at one of the firms before hacking into that firm's computer system.
Between CEOs and other top executives. They don't get in trouble.
Insider trading is about using information others don't have equal access too. Any of us had the very same opportunity to hack these law firms and steal information on their clients.
Yes I am being sarcastic but only half so, on some level charging them with insider trading does seem a bit like piling on, we ought to be get them for any number of computer crimes and put them away for that.
Repeal the 17th Amendment TODAY! Also Please Read http://www.gnu.org/philosophy/right-to-read.html
But were they prosecuted by American or Chinese authorities? I'd say it was a great break through if it they are cooperating on this level
on the internet. PCs are cheap enough that you can create a separate network for sensitive information. My suggestion is a bunch of Linux Xterm or PC terms connected to clustered servers. The system must be totally disconnected from the internet and disconnected from the corporate network.You store money in a vault. You don't just leave it hanging all over the place. And no you can't protected it no matter how good your firewall is.
Should not be the least bit surprising. What is needed is for America to crack back at CHina.
I think that O has overall done a decent job, but gads, he assume the best from ppl.
I prefer the "u" in honour as it seems to be missing these days.
Why can't the liberal assholes living on so-called food stamps get off their asses like these enterprising Chinese?
And no its not illegal nothing in the constitution says so.
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roman_mir
its either that China's security is so much better that 3 letters cant or... that they already do but are better at not getting caught. ;)
not sure why you got tagged as troll, maybe just that you assume the best from our govt
I work in the legal technology field and this is a huge challenge for the industry. There have been warnings going around for the last year about hackers targeting law firms, and those warnings are likely a response to this.
Law firms are easy targets. Lawyers are full of hubris and not very computer savvy. Law firms are always trying to pinch pennies and IT budgets are often first on the chopping block. Because the firms do not truly understand computers or security, it is difficult to get them to spend the money necessary to secure their networks.
Or, attacks on China by the US don't get coverage in the English language press
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