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Tuesday, February 19, 2008
Ukrainian hacker may keep profits?
Ukrainian hacker may keep profits?
A Ukrainian hacker may be allowed to keep nearly 300,000 dollars in profits owing to a loophole in US law.
Oleksandr Dorozhko is alleged to have hacked into the servers of IMS Health and taken a look at the company's forthcoming results announcement hours before its release to the stock market. Then he placed a series of sell orders on the stock, investing 41,671 dollars of his own money in sell options that would be worthless in three days unless the stock fell. When the results, which were disappointing, were released, the stock fell sharply and Dorozhko made 296,456 dollars on the trade.
The deal set off warning bells on the US Securities and Exchange Commission (SEC) computer systems that watch for insider trading, and the brokerage account containing the funds was frozen. But because the stock information was obtained by hacking, rather than a personal tip-off, a judge has ruled that there is no legal way to deny the money to Dorozhko.
While the judge acknowledged the absurdity of the situation, she said that the only way to proceed was for a hacking prosecution against Dorozhko. But the US Department of Justice has already refused to do this on the ground that obtaining a prosecution in the Ukraine would be too difficult.
The SEC still maintains that the information was obtained by deception, but from a computer system and not a human being. Dorozhko's lawyer is fighting this assertion, however. "They want you to believe that there is a deception of a computer," he said. "All there is a high-tech lock pick."
(Source: vnunet.com)
A Ukrainian hacker may be allowed to keep nearly 300,000 dollars in profits owing to a loophole in US law.
Oleksandr Dorozhko is alleged to have hacked into the servers of IMS Health and taken a look at the company's forthcoming results announcement hours before its release to the stock market. Then he placed a series of sell orders on the stock, investing 41,671 dollars of his own money in sell options that would be worthless in three days unless the stock fell. When the results, which were disappointing, were released, the stock fell sharply and Dorozhko made 296,456 dollars on the trade.
The deal set off warning bells on the US Securities and Exchange Commission (SEC) computer systems that watch for insider trading, and the brokerage account containing the funds was frozen. But because the stock information was obtained by hacking, rather than a personal tip-off, a judge has ruled that there is no legal way to deny the money to Dorozhko.
While the judge acknowledged the absurdity of the situation, she said that the only way to proceed was for a hacking prosecution against Dorozhko. But the US Department of Justice has already refused to do this on the ground that obtaining a prosecution in the Ukraine would be too difficult.
The SEC still maintains that the information was obtained by deception, but from a computer system and not a human being. Dorozhko's lawyer is fighting this assertion, however. "They want you to believe that there is a deception of a computer," he said. "All there is a high-tech lock pick."
(Source: vnunet.com)
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