Score one for the farce team. That scourge to market efficiency, fairness and integrity, Sergey Aleynikov, about whom we have written tomes, has been found guilty. The HFT code in question, that can "manipulate markets" is safe and sound, back with its true master, Goldman Sachs, which firm promises its malicious attempt to squeeze CDS traders in 2007 is completely irrelevant, and the sheeple once again don't understand that the firm's intentions were nothing but pristine.
A jury convicted a former Goldman Sachs computer programmer on criminal charges of stealing secret high-frequency trading code from Wall Street's most influential bank.
Sergey Aleynikov, 40, was indicted in February under the Economic Espionage Act on accusations he copied and removed computer code from Goldman in June 2009 before taking a new job with Teza Technologies LLC, a high-frequency trading start-up firm.
Jurors reached their verdict after a two week-long trial in U.S. District Court in New York. They deliberated for about six hours.
Aleynikov's lawyer contended that his client may have breached Goldman's confidentiality policy but he did not harm and could not harm the firm.