ARTICLE
6 January 2017

SEC Charges Traders With Fraud For Trading On Hacked Nonpublic Information

CW
Cadwalader, Wickersham & Taft LLP

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Cadwalader, established in 1792, serves a diverse client base, including many of the world's leading financial institutions, funds and corporations. With offices in the United States and Europe, Cadwalader offers legal representation in antitrust, banking, corporate finance, corporate governance, executive compensation, financial restructuring, intellectual property, litigation, mergers and acquisitions, private equity, private wealth, real estate, regulation, securitization, structured finance, tax and white collar defense.
The SEC charged three Chinese traders with fraud for allegedly hacking "nonpublic market-moving information" from two prominent New York-based law firms.
United States Corporate/Commercial Law

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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