For the first time, the Securities and Exchange Commission has charged traders with hacking into law firms’ computer networks to obtain non-public information.
On Dec. 27, the SEC announced it had charged three Chinese nationals with fraudulently trading on nonpublic, market-moving information stolen from two prominent New York-based law firms. The trio raked in nearly $3 million in illegal profits from confidential information pertaining to firm clients considering mergers or acquisitions.
