Wednesday, 29 June 2016
Last updated 5 hours ago
May 1 2013 | 1:09pm ET
The former Goldman Sachs programmer accused of stealing the bank's high-frequency trading code will have to stand trial again.
A New York State judge ruled that a second prosecution of Sergey Aleynikov would not violate the constitutional prohibition against double jeopardy. Aleynikov was convicted in federal court in 2010 of downloading parts of Goldman's HFT software on his last day at the firm to bring with him to a new job at Teza Technologies, the controversial firm founded by several former Citadel Investment Group traders.
But last year a federal appeals court threw out Aleynikov's conviction and eight-year prison sentence, ruling that violating a firm's rules is not the same as violating the law.
"We remain confident that Mr. Aleynikov will be exonerated," Marino said.
Judge Ronald Zwiebel dismissed Marino's arguments that a second prosecution would be "vindictive" and that his client had "suffered enough."
"Without disputing the defendant's accomplishments, or rejecting their significance, his contributions do not justify dismissal of charges," Zwiebel wrote. "This was not a victimless crime. Clearly, Goldman Sachs and their clients are victims of defendant's actions."
If convicted again, Aleynikov faces up to four years in prison.