A federal appeals court on Friday reversed the conviction of a former Goldman Sachs programmer sentenced to eight years for stealing the bank’s high-speed trading software.
Sergey Aleynikov, 41, was convicted in 2010 of theft of trade secrets under the Economic Espionage Act.
The Russian-born Aleynikov worked for Goldman Sachs until June 2009, when authorities say he siphoned source code for the company’s valuable software on his way out the door to take a new job with another company. The software is used to make sophisticated, high-speed, high-volume stock and commodities trades. It earns the company “many millions of dollars in profits” each year, according to prosecutors.
via wired.com
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