Former Goldman Sachs employer faces trade secrets charge

7 July 2009

A former Goldman Sachs computer programmer has been arrested and charged with stealing trade secrets from the investment bank.

Sergey Aleynikov has been released on bail after being arrested at Newark airport in New York on suspicion of improperly copying trading system code and uploading it to a file-sharing service.

The 39-year-old was granted bail on the condition that $750,000 was paid as a personal recognizance bond.

He is alleged to have stolen code that can be used to trade commodities and stocks at a high speed by quickly analyzing information from global markets.

Mr Aleynikov left Goldman Sachs -where he earned a $400,000 salary - in June of this year to work for a Chicago-based firm.

In related news, US federal prosecutors announced earlier this month that they are to charge at least ten other people in relation to the $65 billion Bernard Madoff scandal.

Madoff was sentenced to 150 years in prison for his role in the crime.

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