United States:
SEC Charges Traders With Fraud For Trading On Hacked Nonpublic Information
06 January 2017
Cadwalader, Wickersham & Taft LLP
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The SEC charged three Chinese traders with fraud for
allegedly hacking "nonpublic market-moving information"
from two prominent New York-based law firms. The SEC alleges that
the traders used the information to purchase shares in at least
three public companies before merger agreements had been publicly
announced. In a parallel action, the U.S. Attorney's
Office for the Southern District of New York brought criminal
charges against the three traders.
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