|
|
By: John Araneo, Counsel, Sadis and Goldberg, LLP
The New York State conviction against Sergey Aleynikov, the former Goldman Sachs
employee charged with stealing its high-speed trading program, has, like the federal conviction before it, been overturned.
The recent ruling by the New York State Supreme Court in Manhattan on July 6th, 2015 with regard to this long-standing dispute between Goldman Sachs and Sergey Aleynikov adds another inexplicable turn to a well-publicized legal proceeding but also once again demonstrates the risks that weigh heavily on virtually all employers in the asset management industry: defending against employee theft of intellectual property. Such intellectual property ("IP") can include trading strategies, portfolio holdings, investor information, employee data, trade secrets, proprietary and confidential information and/or other sensitive data.
Background
Mr. Aleynikov, a former Goldman Sachs software programmer, was first arrested on July 3, 2009 by federal authorities for allegedly stealing Goldman's high frequency trading program. Aleynikov had accepted a job from a high frequency trading start-up and admitted that he downloaded parts of Goldman's proprietary code, in anticipation of his new employment. In December 2010, he was convicted by a federal jury and in March, 2011, sentenced to more than eight (8) years in prison. After serving just less than one year of this sentence, in February 2012, the conviction ...................... To view our full article Click here
|
|
RSS
