Former Societe Generale trader convicted of code theft

24 November 2010

Samarth Agrawal, a former trader at Societe Generale, has been convicted of stealing code from the French bank by a US court.

The trader was accused of printing off pages of algorithmic code belonging to the bank as part of a plan to duplicate the data at a new position after he left the financial institution.

Mr Agrawal was found guilty of transporting stolen property and stealing trade secrets and is now expected to be sentenced in February of next year.

It is thought he could face up to five years behind bars and will also be deported and sent back to India upon completion of his jail term.

Before the trial began, Thomas Brown, prosecuting, said: “Samarth Agrawal was a thief, but wasn't an ordinary thief.”

"He didn't steal cash or gold or diamonds. He stole something much more valuable. He stole a powerful way to make millions of dollars in the stock market."

The legal representative likened the importance of the data to the bank to the same way fast food firm KFC protects ingredients for its chicken.

By Jim Ottewill

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