A securities trader agreed to give up more than $11 million for his role in an international hacking scheme that authorities say netted the group millions of dollars by trading on confidential financial information.
Igor Dubovoy, 28 years old, pleaded guilty in Newark federal court to a felony count of conspiracy to commit wire fraud. Specifically, Mr. Dubovoy admitted to buying stolen earnings news releases ahead of publication and trading on the information, sharing half of the illegal proceeds with hackers. In exchange, the government has agreed to dismiss the other charges.
Mr. Dubovoy was arrested Aug. 11 along with his father and others who the authorities said responded in 2010 to a flashy video pitch from a Ukrainian hacker. Over the next five years, the authorities charge, the U.S. traders and overseas hackers collaborated to steal corporate secrets. Traders, the authorities say, even gave hackers “shopping lists” or “wish lists” of desired news releases. For the full article click here
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