BofA programmer accused of file theft in lawsuit

12 October 2010

A former Bank of America (BofA) programmer has been accused of stealing confidential files the day before he was due to be fired from the financial institution.

Rao Chalasani, an IT worker within the firm’s global markets portfolio management group, is alleged to have sent an email to a personal account containing 21 files.

According to the law suit, Mr Chalasani is believed to have sent the message the day before the bank was due to announce 400 redundancies, including his own.

In the court papers, which were quoted by Reuters, the bank said: “The files attached to [the] defendant's email all contain confidential and proprietary, non-public information concerning BofA, including profit and loss figures for different lines of its businesses throughout the world.”

The files are thought to have contained information on the bank’s “current trading positions in numerous securities and the company's assessment of risk”.

BofA discovered the message as part of a security review into large files sent by company employees to outside email addresses.

The bank announced it was to make cuts to its investment banking division in September.

By Jim Ottewill

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development