U.S. federal law enforcement authorities on Tuesday busted an insider trading ring that obtained market-timing information from overseas data thieves. In two indictments unsealed by the U.S. Department of Justice in Brooklyn, N.Y., and Newark, N.J., nine people were charged in federal court with carrying out an international scheme to hack into three business newswires, steal yet-to-be published press releases, and use them to make trades that generated approximately $30 million in illegal profits.
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Feds Break Up Hacker-Powered Insider Trading Ring
Posted by: John P. Mello Jr. August 12, 2015 12:08 PMU.S. federal law enforcement authorities on Tuesday busted an insider trading ring that obtained market-timing information from overseas data thieves. In two indictments unsealed by the U.S. Department of Justice in Brooklyn, N.Y., and Newark, N.J., nine people were charged in federal court with carrying out an international scheme to hack into three business newswires, steal yet-to-be published press releases, and use them to make trades that generated approximately $30 million in illegal profits.