Tuesday, 30 September 2014
Last updated 2 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.
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…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...