Friday, 27 March 2015
Last updated 5 hours ago
Aug 1 2013 | 10:14am ET
A former bank trader convicted of showing its high-frequency trading code to the hedge fund where he was seeking a job will stay in prison, a federal appeals court has ruled.
The U.S. Second Circuit Court of Appeals rejected Samarth Agrawal's appeal of his 2010 conviction for stealing Société Générale's code and sharing it with Tower Research Capital, which hired him. The same court last year threw out the conviction of the similarly-situated Sergei Aleynikov, who had been convicted of stealing Goldman Sachs' HFT code.
In the Aleynikov case, the Second Circuit ruled that violating Goldman's policies is not the same as violating the law. But it rejected the same argument in Agrawal's case. Aleynikov is now facing similar charges in state court.
For most of his 2010 trial, Agrawal denied any wrongdoing. But testifying towards its end, he admitted that he took the code and gave it to Tower, astonishing U.S. District Judge Jed Rakoff, who presided. "Frankly, I'm puzzled by the present situation," the judge said. "The defendant has admitted all essential elements of at least the first count of the indictment and probably the second count."
Rakoff sentenced Agrawal to three years in prison.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…