A former computer specialist investment bank Goldman Sachs, Sergey Aleynikov, was sentenced to ninety-seven months in prison for theft of trade secrets, announced Friday, March 18, the federal prosecutor in New York. The guilty verdict against Mr. Aleynikov, accused of stealing computer code used for high-speed transactions on the Stock Exchange on Wall Street, was delivered in December.
Aged 40, Mr Aleynikov faced up to fifteen years in prison and must pay a sum of 12,500 dollars (8,826 euros), according to AP. The high frequency trading, or high-speed automated trading - transactions there are in milliseconds - has become an increasingly important, generating millions in profits for banks and companies on the Stock Exchange.
The algorithmic code stored by each institution is a secret carefully protected. "The sentence today sends the clear message that professionals, as Sergey Aleynikov, abuse their position of trust to steal confidential information belonging to their employers will be prosecuted and punished," said Attorney Preet Bharara in a statement.
LINES OF CODE COPIED event dates back to a period from May 2007 to June 2009, during which, according to justice, Mr. Aleynikov illegally copied lines of code used for "high frequency trading, transferring them to various external media personnel. In July 2009 he had brought to his new employer, Teza Technologies, which wants to develop its activity in this area, a laptop and hard drive containing code owned by Goldman Sachs.
He was arrested the next day, July 3, 2009. After a similar case, a former broker Societe Generale in New York, Samarth Agrawal, also convicted of stealing computer code used for high-speed transactions, was sentenced last month to three years in prison. 
Aged 40, Mr Aleynikov faced up to fifteen years in prison and must pay a sum of 12,500 dollars (8,826 euros), according to AP. The high frequency trading, or high-speed automated trading - transactions there are in milliseconds - has become an increasingly important, generating millions in profits for banks and companies on the Stock Exchange.
The algorithmic code stored by each institution is a secret carefully protected. "The sentence today sends the clear message that professionals, as Sergey Aleynikov, abuse their position of trust to steal confidential information belonging to their employers will be prosecuted and punished," said Attorney Preet Bharara in a statement.
LINES OF CODE COPIED event dates back to a period from May 2007 to June 2009, during which, according to justice, Mr. Aleynikov illegally copied lines of code used for "high frequency trading, transferring them to various external media personnel. In July 2009 he had brought to his new employer, Teza Technologies, which wants to develop its activity in this area, a laptop and hard drive containing code owned by Goldman Sachs.
He was arrested the next day, July 3, 2009. After a similar case, a former broker Societe Generale in New York, Samarth Agrawal, also convicted of stealing computer code used for high-speed transactions, was sentenced last month to three years in prison.
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