A former computer programmer for the investment bank Goldman Sachs in New York City was convicted in a criminal trial Friday of stealing trade secrets from the Wall Street powerhouse.
Sergey Aleynikov, 40, faces up to 15 years in prison when he is sentenced on March 18.
The AP sums up the case:
The criminal case was brought after federal authorities concluded that Aleynikov left Goldman Sachs in 2008 with trade secrets to help his new company Teza Technologies gain anadvantage with high-speed trading.
Marino had argued that the case should have been no more than a civil lawsuit.
Aleynikov, a naturalized U.S. citizen who came to the U.S. from Russia in 1990, left his $400,000 job as a vice president at Goldman Sachs Group Inc. to join Teza Technologies LLC, where he was to be paid $300,000 annually, with a $700,000 bonus in his first year and a revenue-sharing plan that would have added $150,000 annually.
The government said Goldman Sachs makes millions of dollars a year in profits from high-frequency trading and carries a competitive advantage over rivals because of the speed of its computer programs.