Securities Law News

Russian Traders Fined for Using Hacked Press Releases (Corrected)

Aug. 1, 2019, 1:35 PMUpdated: Aug. 1, 2019, 6:53 PM

Russian traders who allegedly used press releases stolen by Ukrainian hackers to make advantageous trades must pay more than $78.5 million after the SEC secured a default judgment.

Five Russian citizens used three entities they owned to trade on information contained in unpublished press releases the hackers stole from newswires, a U.S. District Court for the District of New Jersey judge said July 31. The defendants never responded to the Securities and Exchange Commission’s 2016 complaint.

The hackers stole thousands of Marketwired L.P. and PR Newswire Association LLC press releases with quarterly earnings data for public companies from 2010...

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