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Ex-SocGen trader trial pinned on fast trade secrets

By Grant McCool French bank Societe Generale's speed-trading secrets, a young man from India accused of stealing them and a failed government bid to close parts of the criminal trial are just some of the elements of a New York jury trial starting Monday. Added to this mixture is another case involving a former computer programer of Wall Street's most influential bank, Goldman Sachs Group Inc. The trial of Sergey Aleynikov is scheduled for November 29 on charges that he stole code in 2009 to take to his new employer, Teza Technologies LLC, a high-frequency trading start-up in Chicago. U.S. prosecutors asked the judges in both cases to close the courtroom for those parts of the trial containing trading details so the banks would "not be re-victimized when their trade secrets are disclosed to the public and their competitors." To read more from Reuters, please click here.

Full post as published by The Trade Secrets Vault on November 08, 2010 (boomark / email).