Threatwatch

Former trading house staff accused of source-code-lifting

Cyber espionage; Insider attack; Unauthorized use of employer’s data

Two ex-traders apparently emailed themselves trading desk strategies and programming from the company’s proprietary trading platform, so they could start up a rival firm.

The pair and a third man were indicted in New York State Supreme Court for allegedly stealing intellectual property from the Manhattan office of Flow Traders, a brokerage company with headquarters in the Netherlands.

Ex-employee Jason Vuu is accused of working with a college friend, Simon Lu, on a trading platform for a company they intended to found, Network World reports. Another ex-Flow Traders staffer, Glen Cressman, allegedly emailed himself proprietary trading strategies twice in December 2012.

Searches of the men's residences turned up "several electronic devices capable of being used to share stolen code," according to a news release from Manhattan District Attorney Cyrus R. Vance's office. 

ThreatWatch is a regularly updated catalog of data breaches successfully striking every sector of the globe, as reported by journalists, researchers and the victims themselves.

sector

Financial Services

reported

October 8, 2013

reported by

Network World

number affected

Unknown

location of breach

New York, United States

perpetrators

Employees

location of perpetrators

New York, United States

date breach occurred

August 2011 through December 2012

date breach detected

Unknown