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Former Goldman Sachs Employee Charged with Theft of Trade Secrets

Posted Feb 12th 2010 5:00PM by Zac Bissonnette (RSS feed)
Filed under: Goldman Sachs Group (GS)

Former Goldman Sachs (GS) employee Sergey Aleynikov is being held on three counts of theft of trade secrets, cross-border transport of stolen property, and unauthorized computer access after he allegedly stole computer codes related to the company's high-frequency trading programs upon his resignation in April of 2009.

According to CNBC, "Goldman attributes millions of dollars of its annual profits to those propriety codes. Also in April, Aleynikov accepted a position at Teza Technologies to program a similar trading platform."

Continue reading Former Goldman Sachs Employee Charged with Theft of Trade Secrets

Who is the Russian accused of stealing Goldman's top secret trading codes?

Posted Jul 6th 2009 7:00PM by Connie Madon (RSS feed)
Filed under: Market Matters, Scandals

Why does Goldman Sachs Group (NYSE: GS) earn so much money trading equities? The answer lies in a proprietary set of secret codes that Goldman uses when making their trades. In the first quarter of this year Goldman raked in $2 billion dollars from its equity trading and is the leading trader on Wall Street. Even the venerable JPMorgan Chase & Company (NYSE: JPM) only made $1.8 billion.

Now a Russian, named Sergey Aleynikov, who previously worked for Goldman is accused of stealing Goldman"s secret codes. These codes are the property of Goldman and enables them to do high speed and high volume trades in various stock and commodity markets.

Continue reading Who is the Russian accused of stealing Goldman's top secret trading codes?