Sergey Aleynikov, an ex-Goldman Sachs computer programmer, was arrested July 3 after arriving at Liberty International Airport in Newark, New Jersey, U.S. officials said. Aleynikov, 39, who has dual American and Russian citizenship, is charged in a criminal complaint with stealing the trading software. At a court appearance July 4 in Manhattan, Assistant U.S. Attorney Joseph Facciponti told a federal judge that Aleynikov’s alleged theft poses a risk to U.S. markets. Aleynikov transferred the code, which is worth millions of dollars, to a computer server in Germany, and others may have had access to it, Facciponti said, adding that New York-based Goldman Sachs may be harmed if the software is disseminated.
“The bank has raised the possibility that there is a danger that somebody who knew how to use this program could use it to manipulate markets in unfair ways,” Facciponti said (emphasis mine), according to a recording of the hearing made public today. “The copy in Germany is still out there, and we at this time do not know who else has access to it.”The prosecutor added, “Once it is out there, anybody will be able to use this, and their market share will be adversely affected.” The proprietary code lets the firm do “sophisticated, high-speed and high-volume trades on various stock and commodities markets,” prosecutors said in court papers.
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The corruption is so rampant. I am always amazed at how many people still have faith in the system. Sad.
ReplyDeleteSo ... Facciponti basically just admitted that the program was used by Goldman Sachs to manipulate markets? Laid-off lawyers, here's a chance to make a BIG name for yourself!!
ReplyDeleteThere is a larger agenda behind this 'incident' which will become apparent over time.
ReplyDelete