A Russian immigrant living in New Jersey has been accused of trying to steal proprietary computer trading codes from Goldman Sachs.
According to our sources, Sergey Aleynikov, who worked at Goldman as an IT programmer for two years until last month, allegedly uploaded computer codes that help the firm generate tens of millions in profits each year in automated stock and commodities trading. The firm quickly uncovered the threat, moved swiftly to neutralize it, and informed the proper authorities. Although some media outlets speculate that the alleged theft will impact Goldman's second-quarter earnings, our sources advise that the early detection of this incident has meant that the damage was contained, and the matter is not regarded as a major threat to the firm's businesses. Aleynikov is said to be safely in the custody of the FBI.
News of Mr. Aleynikov's arrest was originally reported Sunday by Reuters. Reportedly he bail was set at $750,000.
The distinct possibility exists that copies of the computer codes are out there and could be used to manipulate the market. Which leads to the next question, was that what Goldman was using them for. Hmmmm....
http://news.hereisthecity.com/news/business_news/9200.cntns
Tuesday, July 7, 2009
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