IT Admin Sentenced for Insider Trading
Posted by: Timothy Weaver on 04/26/2017 12:17 PM
[
Comments
]
Jonathan Ly, an ex-Expedia IT admin, has been fined and sentenced to 15 months in jail for spying on the travel giant's top brass.
The purpose of his spying was to transact insider trading. After being hired in March 2013 as a mid-level tech support person, he started snooping around the companies servers where he found passwords which allowed him to look at executives email accounts.
After two years of spying on the accounts and using the information to trade company stock, he had netted himself $348,515.72.
In April 2015, Ly quit Seattle-based Expedia and moved to a similar job at Adobe in the Bay Area with Adobe. He kept his laptop with the passwords. He made his last trade the week before the FBI came to arrest him.
A Washington state judge ordered Ly to pay $375,907 to the SEC and an additional $81,592 to cover the costs of its investigation.
Source: The Register
The purpose of his spying was to transact insider trading. After being hired in March 2013 as a mid-level tech support person, he started snooping around the companies servers where he found passwords which allowed him to look at executives email accounts.After two years of spying on the accounts and using the information to trade company stock, he had netted himself $348,515.72.
In April 2015, Ly quit Seattle-based Expedia and moved to a similar job at Adobe in the Bay Area with Adobe. He kept his laptop with the passwords. He made his last trade the week before the FBI came to arrest him.
A Washington state judge ordered Ly to pay $375,907 to the SEC and an additional $81,592 to cover the costs of its investigation.
Source: The Register
Comments
