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Programmer sentenced to eight years for taking code from Goldman Sachs

By Douglas A. Berman

Though some might hope that lots of people who once worked for Goldman Sachs would be facing prison, this New York Times story is about just the notable sentencing a former Goldman programmer.  Here are the details: A former Goldman Sachs computer programmer convicted of stealing source code from the firm was sentenced on Friday to more than eight years in prison, capping a case that had shone a rare spotlight on the world of lightning-fast computer-driven trading. A federal jury in Manhattan in December found the programmer, Sergey Aleynikov, guilty of stealing proprietary code that places trades using computer algorithms that spot tiny discrepancies in stock prices. Such trading earned Goldman about $300 million in 2009. Before leaving Goldman for a new job at a start-up, Teza Technologies, federal prosecutors had claimed, Mr...continue to full post

Full post as published by Sentencing Law and Policy on March 19, 2011 (boomark / email).