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32 Charged Over Insider Trading Hack

32 Charged Over Insider Trading Hack

32 members of an alleged international hacking and insider trading ring have been arrested by US authorities.

The group were operating in the US and Ukraine and allegedly gathered more than $100m in illegal profits.

The hackers have been accused of accessing data that was being processed by financial "wires" in a bid to obtain information about companies before it was made public.

According to indictments the information was then used to buy and sell shares.

Mary Jo White, the chair of The Securities and Exchange Commission, which made the arrests, said: "This international scheme is unprecedented in terms of the scope of the hacking, the number of traders, the number of securities traded and profits generated."

The releases that were stolen were allegedly accessed on the servers of financial wire firms BusinessWire, MarketWired and PR Newswire.

Prosecutors alleged that "the defendants accessed more than 150,000 stolen releases and executed profitable trades based on the material non-public information contained in the stolen releases".

A statement released by the FBI said there were at least 1,000 alleged insider trades over the course of three years.


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