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: Womble Trade Secrets Blog

Goldman Sachs Ex-Employee Accused of Stealing Trading Methodology Data and Codes

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http://blogs.reuters.com/commentaries/2009/07/05/a-goldman-trading-scandal/

This could prove to be a whopper in the world of trade secret theft and international economic espionage. Reuters, and many other sources, are reporting that the FBI has arrested Sergey Aleynikov, a Russian immigrant living in New Jersey and a former employee of Goldman Sachs.

The allegations, if true, are big news because the codes the accused man, Sergey Aleynikov, tried to steal is the secret code to unlocking Goldman?s automated stocks and commodities trading businesses. Federal authorities allege the computer codes and related-trading files that Aleynikov uploaded to a German-based website help this major ?financial institution? generate millions of dollars in profits each year.

The platform is one of the things that apparently gives Goldman a leg-up over the competition when it comes to rapid-fire trading of stocks and commodities. Federal authorities say the platform quickly processes rapid developments in the markets and uses top secret mathematical formulas to allow the firm to make highly-profitable automated trades.

Full post as published by Womble Trade Secrets Blog on July 06, 2009 (boomark / email).