Thursday, January 29, 2015

Hedge Fund Employee Stole Trade Secrets from Firm's Computers

A computer analyst who worked for a Chicago hedge fund stole trade secrets that caused $12.2 million in losses. He was sentenced to 3 years in prison and ordered to pay his former employer $760,000 to cover costs incurred during the investigation.

The trade secrets he illegally downloaded were information about algorithms developed for high frequency trading by the hedge fund.

"[He] illegally downloaded information about algorithms developed for use in high-frequency trading by the Chicago-based [company]."
- Daily Hampshire Gazette
It is unclear how this insider data breach was discovered. Organization seeking to proactively detect theft of intellectual property can utilize low-cost on-demand SaaS analytics services.
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(a) Computer analyst sentenced for trade secrets theft -, 01/16/2015

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