A Goldman Sachs programmer was found guilty of stealing high-speed trading software from the banking firm.
Sergey Aleynikov, 40, was found guilty of stealing trade secrets and one count of transporting stolen property. He could face 15 years porridge for the charges.
According to Wired, the Russian programmer worked for Goldman Sachs until last year.
As he left the building he stole the source code for the software with the idea that he might be able to stick it under the bonnet of some different software, prosecutors claimed.
Assistant US Attorney Joseph Facciponti had called it “the most substantial theft that the bank can remember ever happening to it.” It seems that he had forgotten the fact that On December 4, 1928, it launched the Goldman Sachs Trading Corp. a closed-end fund with characteristics similar to that of a Ponzi scheme. The fund failed as a result of the Stock Market Crash of 1929. Facciponti might also have forgotten how much the bank made by betting on the failure of the sub-prime mortgage market, but we guess that those are when the Bank is stealing cash.
Aleynikov was not low down the food chain. He earned nearly $400,000 a year as a vice president with Goldman Sachs. He had gone to a rival outfit Teza Technologies, where he was expected to earn about $1.2 million in salary.
Inspector Knacker of the New York Yard claimed that Aleynikov stole “hundreds of thousands of lines” of source code which related to high-speed trading.. He downloaded various software from the Goldman Sachs network and transferred it to a storage website hosted in Germany before trying to erase his tracks from Goldman Sachs’ network.
He transferred the data remotely while logged into his company’s network from his home computer.
Goldman Sachs found the theft in late June after it began monitoring https transfers and saw a large volume of data leaving its network.
Aleynikov used a script to copy, compress, encrypt and rename files, and then upload them to the server in Germany. Once the data was transferred, the program used to encrypt the files was erased, and he attempted to delete the network’s batch history showing his activity.
Aleynikov made several copies of the code and had it on his laptop when he flew to Chicago to meet his new employers at Teza Technologies when they arrested him.
Aleynikov admitted taking the code but told FBI agents he only intended to collect “open source” software files on which he had worked.
He said he collected the proprietary files on his last day of work by mistake. His lawyers pointed out that he never gave the proprietary files to anyone else and that the portion of proprietary code he took inadvertently was just 32 of about 1,224 megabytes of code.
Aleynikov will be sentenced next year.