Friday, 31 October 2014
Last updated 3 hours ago
Mar 1 2011 | 5:24am ET
Samarth Agrawal, the former Société Générale trader convicted of stealing the bank’s high-frequency trading code for use at his new hedge fund job, has been sentenced to three years in prison.
Agrawal, an Indian citizen, had faced up to eight years in prison on the theft of trade secrets and transporting stolen property charges. His lawyer has asked that he be credited with time served; the former trader has been in jail since he was arrested last April.
“In the case of this defendant, we have an essentially good guy who did something very bad,” U.S. District Judge Jed Rakoff said in imposing sentence.
For most of his trial last year, Agrawal denied any wrongdoing. But towards the end of it, he admitted that he took the code and shared it with hedge fund Tower Research Capital, where he was seeking—and won—a job. Tower has denied it hired Agrawal to gain access to the SocGen code.
The 27-year-old was convicted in November. He faces deportation to his native India upon his release.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.