SEC Charges Chinese Traders that Made $3m from Hacked M&A Information
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SEC Charges Chinese Traders that Made $3m from Hacked M&A Information
The US Securities and Exchange Commission (SEC) has charged three Chinese nationals with fraudulently trading on hacked nonpublic market-moving information stolen from two American law firms, racking up almost $3 million in illegal profits. The SEC alleges that Iat Hong, Bo Zheng, and Hung Chin executed a deceptive scheme to hack into the networks of two law firms and steal confidential information pertaining to firm clients that were considering mergers or acquisitions.
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The Chinese trader allegedly executed a deceptive scheme to hack into the networks of two law firms ... (read more)
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