Programmer gets 8 years in jail
Source: Agencies |
March 20, 2011, Sunday
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A FORMER Goldman Sachs programmer was sentenced on Friday to more than eight years in prison for stealing secret computer code that enables high-speed trading.
Sergey Aleynikov, 41, of New Jersey, was sentenced by US District Judge Denise Cote in Manhattan after his December conviction for theft of trade secrets and transportation of stolen property in interstate and foreign commerce.
Cote said she avoided leniency in her sentence of eight years and one month in part because Aleynikov never fully admitted his guilt and accepted responsibility. He also was fined US$12,500.
She said she also wanted to send a stern message to people who think it is not a serious crime to steal intellectual property, a crime that costs companies billions of dollars annually and led Congress to pass the Economic Espionage Act to toughen penalties for those who steal.
Prosecutors said Aleynikov left his US$400,000 job as a vice president at New York-based Goldman Sachs Group Inc in 2008 and took trade secrets with him to help his new company, Teza Technologies, gain an advantage with high-speed trading. There, he was to be paid US$300,000 annually, with a US$700,000 bonus his first year. He was arrested on July 3, 2009, as he returned from a trip to his new employer's Chicago offices.
Sergey Aleynikov, 41, of New Jersey, was sentenced by US District Judge Denise Cote in Manhattan after his December conviction for theft of trade secrets and transportation of stolen property in interstate and foreign commerce.
Cote said she avoided leniency in her sentence of eight years and one month in part because Aleynikov never fully admitted his guilt and accepted responsibility. He also was fined US$12,500.
She said she also wanted to send a stern message to people who think it is not a serious crime to steal intellectual property, a crime that costs companies billions of dollars annually and led Congress to pass the Economic Espionage Act to toughen penalties for those who steal.
Prosecutors said Aleynikov left his US$400,000 job as a vice president at New York-based Goldman Sachs Group Inc in 2008 and took trade secrets with him to help his new company, Teza Technologies, gain an advantage with high-speed trading. There, he was to be paid US$300,000 annually, with a US$700,000 bonus his first year. He was arrested on July 3, 2009, as he returned from a trip to his new employer's Chicago offices.
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