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【 以下文字转载自 Quant 讨论区 】
发信人: JunkFood (忧伤的老板), 信区: Quant
标 题: Ex-SocGen Trader Found Guilty of Stealing Secrets
发信站: BBS 未名空间站 (Fri Nov 19 14:51:54 2010, 美东)
Ex-SocGen Trader Found Guilty of Stealing Secrets (Update1)
(Updates with sentencing date in second paragraph.)
By Patricia Hurtado and Bob Van Voris
Nov. 19 (Bloomberg) -- Former Societe Generale SA trader
Samarth Agrawal was found guilty of stealing trade secrets
related to the bank’s high-speed computer trading software.
A federal court jury in New York today delivered the
verdict at the end of a two-week trial. U.S. District Judge Jed
S. Rakoff set Agrawal’s sentencing for Feb. 24. He faces a
prison term of as long as four years and nine months.
Agrawal testified, under questioning by his own lawyer,
Ivan Fisher, that he shared information about Societe Generale’s
trading software with a Manhattan hedge fund, Tower Research
Capital LLC, where he hoped to create a similar system.
Rakoff, who told lawyers he was “puzzled” by Agrawal’s
self-incriminating testimony, said he assumed Fisher was using a
“sympathy defense” on his client’s behalf.
Agrawal was convicted of theft of trade secrets and
transporting stolen property in interstate commerce.
During the trial, Agrawal told jurors his superiors at
Societe General encouraged him to work at home because spending
too many nights and weekends in the office would raise “red
flags” for company security. For that reason, he said, he
printed copies of the computer codes in June 2009 to study at
home.
High-Frequency Trading
Agrawal was hired in 2007 in New York by the Paris-based
bank to be a quantitative analyst in the high-frequency trading
group. He was promoted to trader and given access to the
company’s high-frequency trading software in April 2009,
according to prosecutors.
Later, during 10 to 12 meetings with Tower executives,
Agrawal said, he shared some aspects of a Societe Generale
trading program called DQS, for “distributed quotation
system.” Agrawal said he used Societe Generale’s codes because
he wanted the job at Tower and because he would have had to
build a similar system once hired by the hedge fund.
The case is U.S. v. Agrawal, 10-cr-00417, U.S. District
Court, Southern District of New York (Manhattan).
For Related News and Information:
Top Stories: TOP
Top legal stories: TLAW
Bloomberg legal resources: BLAW
发信人: JunkFood (忧伤的老板), 信区: Quant
标 题: Ex-SocGen Trader Found Guilty of Stealing Secrets
发信站: BBS 未名空间站 (Fri Nov 19 14:51:54 2010, 美东)
Ex-SocGen Trader Found Guilty of Stealing Secrets (Update1)
(Updates with sentencing date in second paragraph.)
By Patricia Hurtado and Bob Van Voris
Nov. 19 (Bloomberg) -- Former Societe Generale SA trader
Samarth Agrawal was found guilty of stealing trade secrets
related to the bank’s high-speed computer trading software.
A federal court jury in New York today delivered the
verdict at the end of a two-week trial. U.S. District Judge Jed
S. Rakoff set Agrawal’s sentencing for Feb. 24. He faces a
prison term of as long as four years and nine months.
Agrawal testified, under questioning by his own lawyer,
Ivan Fisher, that he shared information about Societe Generale’s
trading software with a Manhattan hedge fund, Tower Research
Capital LLC, where he hoped to create a similar system.
Rakoff, who told lawyers he was “puzzled” by Agrawal’s
self-incriminating testimony, said he assumed Fisher was using a
“sympathy defense” on his client’s behalf.
Agrawal was convicted of theft of trade secrets and
transporting stolen property in interstate commerce.
During the trial, Agrawal told jurors his superiors at
Societe General encouraged him to work at home because spending
too many nights and weekends in the office would raise “red
flags” for company security. For that reason, he said, he
printed copies of the computer codes in June 2009 to study at
home.
High-Frequency Trading
Agrawal was hired in 2007 in New York by the Paris-based
bank to be a quantitative analyst in the high-frequency trading
group. He was promoted to trader and given access to the
company’s high-frequency trading software in April 2009,
according to prosecutors.
Later, during 10 to 12 meetings with Tower executives,
Agrawal said, he shared some aspects of a Societe Generale
trading program called DQS, for “distributed quotation
system.” Agrawal said he used Societe Generale’s codes because
he wanted the job at Tower and because he would have had to
build a similar system once hired by the hedge fund.
The case is U.S. v. Agrawal, 10-cr-00417, U.S. District
Court, Southern District of New York (Manhattan).
For Related News and Information:
Top Stories: TOP
Top legal stories: TLAW
Bloomberg legal resources: BLAW
