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At trial, ex-SocGen trader admits secret code theft

By: Grant McCool Reuters A former Societe Generale trader admitted he took home printouts of the French bank's speed-trading code, admitted sharing it with a prospective employer and that it was wrong, an odd twist in the criminal trial over trade secrets theft. The trial of Samarth Agrawal, a citizen of India, is expected to go to the jury in U.S. District Court in New York on Thursday or Friday, but the presiding judge all but called it over. "Frankly, I'm puzzled by the present situation," Judge Jed Rakoff said. "The defendant has admitted all essential elements of at least the first count of the indictment and probably the second count."

Full post as published by The Trade Secrets Vault on November 18, 2010 (boomark / email).