Hackers Face $9 Million in Fines
Posted by: Timothy Weaver on 05/09/2017 03:23 PM
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U.S. District Judge Valerie E. Caproni has sentence three Chinese hackers for breaking into the email servers of belonging to law firms in order to steal merger plans.
The judge ordered Iat Hong, Bo Zheng, and Hung Chin with stealing the information from the law firms in order to make fraudulent trading on hacked nonpublic, market-moving information. She ordered the defendants to pay a fine of approximately $9 million.
The U.S. Securities Exchange Commission (SEC) made the allegation that the trio used the stolen information to make at least $3 million in profit. The stolen emails allowed the criminals to make stock purchases in three public companies ahead of the announcement of merger agreements.
The breach occurred in December 2016, according to court documents, which disclosed that the trio were using "enhanced trading surveillance and analysis capabilities" that the SEC has been developing over the last few years.
Source: SCMagazine
The judge ordered Iat Hong, Bo Zheng, and Hung Chin with stealing the information from the law firms in order to make fraudulent trading on hacked nonpublic, market-moving information. She ordered the defendants to pay a fine of approximately $9 million.The U.S. Securities Exchange Commission (SEC) made the allegation that the trio used the stolen information to make at least $3 million in profit. The stolen emails allowed the criminals to make stock purchases in three public companies ahead of the announcement of merger agreements.
The breach occurred in December 2016, according to court documents, which disclosed that the trio were using "enhanced trading surveillance and analysis capabilities" that the SEC has been developing over the last few years.
Source: SCMagazine
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