Friday, 30 January 2015
Last updated 2 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.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…