Wall Street cyber wars enter courts with prosecution of secrets theft

The plan was for Kang Gao to do his exit interview with Two Sigma Investments, a $US21 billion ($22.4 billion) quantitative hedge fund in New York, and jump to Citadel, a rival firm in Chicago.

Wall Street cyber wars enter courts with prosecution of secrets theft 1405577243418.jpg-300x0

Wall Street cyber wars enter courts with prosecution of secrets theft 1405577243418.jpg-300x0

Gao never got that chance. Unbeknown to him, that final meeting had been recorded for investigators at the Manhattan District Attorney's Office, and instead, the 29-year-old native of China found himself sitting in a New York City jail. He's accused of stealing Two Sigma secrets and faces a potential four-year prison term.

Gao is the fourth Wall Street analyst or programmer to be ensnared in a crackdown by the District Attorney, Cyrus Vance Jr., on intellectual property theft from financial firms. His decision to charge Gao, former Goldman Sachs Group programmer Sergey Aleynikov and ex-employees of the Dutch firm Flow Traders signals a willingness to criminalise financial industry disputes formerly relegated to contract litigation.

http://www.smh.com.au/business/world-business/wall-street-cyber-wars-enter-courts-with-prosecution-of-secrets-theft-20140717-zu31u.html

Wall Street cyber wars enter courts with prosecution of secrets theft

Wall Street cyber wars enter courts with prosecution of secrets theft

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