Tag Archives: Goldman Sachs’

Long Strange Trip Through Court System Continues in Goldman Code Theft Case

In an order, dated April 20, 2017, New York’s Court of Appeals agreed to hear Sergey Aleynikov’s appeal of his conviction under an arcane New York criminal statute.  Aleynikov is a former Goldman Sachs computer programmer, arrested in July 2009 and accused of stealing computer source code from the bank.  Originally, a federal jury found him guilty of violating both the National Stolen Property Act and the Economic Espionage Act, but that verdict was overturned by the Second Circuit in April 2012 (after Aleynikov had been incarcerated for over a year).  More recently, Aleynikov also has been prosecuted at the state level, as the Manhattan District Attorney secured a jury verdict convicting him of N.Y. Penal Law §165.07 (unlawful use of secret scientific material), which was overturned by the trial judge in 2015. 

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HSBC, Barclays and RBS Currency-Rigging Settlement

A trio of banking groups along with BNP Paribas and Goldman Sachs have paid over $1.2 billion dollars in a class action settlement after they admitting to rigging currencies.

As a result of the outcome of the class action, it is expected that similar cases could be seen in the UK and across the world. 

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ILN Today Post

MORE THAN EVER, COMPANIES MUST BE EXTRA VIGILANT ABOUT PROTECTING THEIR TRADE SECRETS

A recent Second Circuit decision has narrowed the protections afforded against theft of proprietary information, trade secrets and intellectual property and will affect the way companies, especially those in technology-intensive markets, internally manage the protection of their own trade secrets and other sensitive information from employee theft.

BACKGROUND

In United States v. Aleynikov, the defendant, a former computer programmer at Goldman Sachs & Co. (Goldman), was convicted after a jury trial of violations of the National Stolen
Property Act (NSPA) and the Economic Espionage Act of 1996 (EEA). Aleynikov was convicted under these statutes for stealing computer source code for Goldman’s proprietary high-frequency trading system, which is used for the rapid execution of a high volume of trades on the financial markets. Specifically on Aleynikov’s last day of
employment, the evidence established that he uploaded the company’s source code to a server in Germany. He later downloaded the source code to his home computer and other devices in New Jersey, and then brought it with him to a meeting in Illinois with his new
employer, for whom he had been hired to develop a high-frequency trading system. Following Aleynikov’s conviction, the lower court sentenced him to 97 months of imprisonment and he was ordered to pay a $12,500 fine. More…

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Using A Returnship Program to Relaunch Your Career

I just found an interesting article on theglasshammer.com called “Goldman Sachs Returnship (SM) Program Helps Top Women On-Ramp Into Finance.” In it, we learn about Goldman Sachs’ “returnship” program, which lasts eight weeks and begins on October 19, 2009. The program will offer training and guidance to help highly skilled women return to the financial workforce after having taken voluntary breaks that may have lasted anywhere from a few years to a couple of decades. While participants are not guaranteed jobs at Goldman Sachs at the end of the program, Goldman Sachs has hired more than half of the participants from last year’s returnship program.

What are “returnships”? They are similar to internships, except that returnships are targeted toward experienced workers who want to return to the workforce full time. The returnship program may or may not pay the participants, and it may last weeks or months.

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