Menu
Three indicted in alleged source code theft from trading house

Three indicted in alleged source code theft from trading house

Manhattan's prosecutor says his office is focusing on intellectual property theft

Two former traders and a third man have been indicted in New York State Supreme Court for allegedly stealing source code and trading strategy files from a brokerage company with headquarters in the Netherlands.

The case represents a new focus by prosecutors on intellectual property theft, according to a news release from Manhattan District Attorney Cyrus R. Vance's office Monday. Under New York state law, stealing office toner is a more serious offense than stealing computer source code, the statement said.

Two of the men, Jason Vuu and Glen Cressman, both 26, worked for the Manhattan office of the company Flow Traders, which develops its own software for trading on various markets. They resigned from the company in March.

Between August 2011 and August 2012, Vuu is accused of emailing himself trading strategies used on several of Flow Trader's trading desk and code contained in the company's proprietary trading platform, the statement said.

Vuu, of San Jose, California, then allegedly began working with a college friend, 25-year-old Simon Lu, on a trading platform for a company they intended to found. Cressman, of Fort Lauderdale, Florida, is accused of emailing himself proprietary trading strategies twice in December 2012.

Searches of the men's residences turned up "several electronic devices capable of being used to share stolen code," according to the release.

The three men are charged with varying counts of two felonies: unlawful duplication of computer related material and unlawful use of secret scientific material.

Those are the same charges levied against former Goldman Sachs software developer Sergey Aleynikov, who is awaiting prosecution by Vance's office.

Aleynikov successfully appealed a federal conviction in April 2012. But Vance's office charged him in New York County Court under different laws, which did not violate the U.S. Constitution's Fifth Amendment which prohibits being tried twice for the same crime.

Aleynikov maintains he only copied open-source code. A lengthy profile published last month in Vanity Fair characterized Aleynikov as a brilliant programmer who had little interest in money.

Send news tips and comments to jeremy_kirk@idg.com. Follow me on Twitter: @jeremy_kirk


Follow Us

Join the newsletter!

Error: Please check your email address.

Tags CriminalFlow Tradersintellectual propertylegal

Featured

Slideshows

HP channel recognised at 2017 Partner Awards

HP channel recognised at 2017 Partner Awards

The HP Partner Awards 2017 at Shed 10 kicked off with an AMD-sponsored hackers lounge, a mysterious gaming style area filled with dry ice and red lasers, the waiters wearing Mr Robot style masks.

HP channel recognised at 2017 Partner Awards
Tech industry comes together as Lexel celebrates turning 30

Tech industry comes together as Lexel celebrates turning 30

Leading figures within the technology industry across New Zealand came together to celebrate 30 years of success for Lexel Systems, at a milestone birthday occasion at St Matthews in the City.​

Tech industry comes together as Lexel celebrates turning 30
HP re-imagines education through Auckland event launch

HP re-imagines education through Auckland event launch

HP New Zealand held an inaugural Evolve Education event at Aotea Centre in Auckland, welcoming over 70 principals, teachers and education experts to explore ways of shaping and enhancing learning using technology.

HP re-imagines education through Auckland event launch
Show Comments