Trial Opens for Former HFT SocGen Trader stealing code

Discussion in 'Professional Trading' started by ASusilovic, Nov 9, 2010.

  1. NEW YORK—A former Société Générale SA trader stole the French bank's proprietary computer code for its high-frequency trading business in hopes of using it to build a duplicate system at another firm, a federal prosecutor said Tuesday.

    In his opening statement Tuesday, Assistant U.S. Attorney Thomas Brown said Samarth Agrawal secretly printed out copies of the bank's "closely guarded" computer code and planned to use it to build a copy of SocGen's trading program at a competitor, Tower Research Capital LLC.

    However, Ivan Fisher, Mr. Agrawal's lawyer, said Mr. Agrawal didn't steal anything and was asked by his manager to ...

    Yep, code stealing is "in"...And SocGen seems to be the right place for criminal activities.