U.S. Charges 9 With Insider Trading Based on Hacked Press Releases

August 11, 2015 7:30 PM

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U.S. Charges 9 With Insider Trading Based on Hacked Press Releases

An international web of hackers and traders was charged by U.S. authorities Tuesday with making $100 million by breaking into the computers of business newswire services, reading corporate press releases before they came out, and then trading on that information ahead of the pack on Wall Street.

Federal authorities said it was the biggest scheme of its kind ever prosecuted, and one that demonstrated yet another way in which the financial world is vulnerable to cybercrime.

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