U.S. Charges Three Chinese Traders With Hacking Law Firms

[truthatallcost]

Three Chinese traders earned more than $4 million in illegal profits after they hacked into the computer systems of prominent U.S. law firms and stole nonpublic information on mergers and acquisitions, according to a federal indictment unsealed on Tuesday.

The traders learned about the deals by gaining access to email accounts of law-firm partners working on the transactions, the indictment said. Prosecutors said from April 2014 to late 2015, the traders took millions of documents from two law firms’ servers.
U.S. Charges Three Chinese Traders With Hacking Law Firms - WSJ

This hacking scheme was well done, didn't center around identity theft or financial theft. I'm surprised that the culprits were even pursued. Insider trading is so common, even our elected officials participate in it. Oh well, they are above the law anyway.

Thoughts?
Comments?

 

[Van Basten]

Happy our boys caught them.

 

[Grand Mal]

This hacking scheme was well done, didn't center around identity theft or financial theft. I'm surprised that the culprits were even pursued. Insider trading is so common, even our elected officials participate in it. Oh well, they are above the law anyway.

Thoughts?
Comments?

Can't read the article. Does it say that US feds have indicted traders in China?

 

[JoeyJoystick]

This hacking scheme was well done, didn't center around identity theft or financial theft. I'm surprised that the culprits were even pursued. Insider trading is so common, even our elected officials participate in it. Oh well, they are above the law anyway.

Thoughts?
Comments?

I wonder how they caught them. My feeling tells me that they didn't catch them because of the hacking but because of suspicious trading. Automatic flagging of the transactions. Would make a lot of sense if they did that.

I think they have to lock them up for robbery. They take something that does not belong to them. And this of course in addition to the charge of inside trading.

And I totally agree with you that this is done by a lot of people. But you can never stop this other then making the people who do it wanting to stop themselves. And you and would also do it I think. If you know a way to make a quick buck, wouldn't you call your brother or sister in the evening and share it with them? I would. The person who receives the information may not even know that it is inside information, because he hears these stories many times from this guy over a drink on Friday afternoon after work... But it is wrong just the same.

Maybe a solution is to not allow companies to keep the information secret. When everybody knows it then you can not have an advantage anymore yourself.


Joey