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.

Comments

Unlike "legal" insider trading

[Anonymous Coward]

Between CEOs and other top executives. They don't get in trouble.

Re:Unlike "legal" insider trading

[__aaclcg7560]

Worst example is god damn congresscritters, who have specifically exempted themselves.

That's no longer true under the Stop Trading on Congressional Knowledge Act ("STOCK" Act). It'll be a big headache for the incoming Trump administration.

https://en.wikipedia.org/wiki/STOCK_Act

BS charges

[DarkOx]

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.