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SEC and DOJ allege insider trading related to hacked law firms

Bruce Carton | December 28, 2016

Yesterday, the SEC and the DOJ separately announced significant cases against three Chinese traders who made nearly $3 million in illegal profits by hacking into the computer networks of two "prominent New York-based law firms." The three men allegedly traded in the securities of at least three public companies based on confidential information they stole from the law firms that indicated that these companies were about to enter into mergers or acquisitions. 

The SEC stated that the hackers gained access into the law firms' networks by installing malware, thereby "compromising accounts that enabled access to all email accounts at the firms, and copying and transmitting dozens of gigabytes of emails to remote internet locations." According to the DOJ, the traders targeted at...

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