Saturday, 30 August 2014
Last updated 1 day 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...