Three Indicted for Theft of Source Code from Trading Firm
The three are accused of stealing proprietary trading strategies and source code for their own use.
Three men were recently indicted for stealing proprietary trading strategy files and computer source code from the financial trading company Flow Traders.
According to the indictment, Glen Cressman, 26, and Jason Vuu, 26, were both employees of Flow Traders before resigning in March 2013. From August 2011 through August 2012, however, Vuu had allegedly e-mailed himself trading strategies from the company's trading desks and source code for the company's proprietary trading platform -- and Cressman had allegedly e-mailed himself proprietary trading strategies on two occasions. Vuu later worked with a friend from college, Simon Lu, 25, on the creation of a trading platform for a startup company they planned to form.
According to the Manhattan District Attorney's Office, search warrants executed on the three men's homes yielded "several electronic devices capable of being used to share stolen code" -- though it's not clear exactly what that means.
The three have been charged with multiple counts of unlawful duplication of computer related material and unlawful use of secret scientific material.
"The theft of computer software developed in-house is a serious and growing threat to businesses, one my office will continue to take extremely seriously," Manhattan District Attorney Cyrus R. Vance, Jr., said in a statement. "At the same time, we are taking steps to improve our law in this area. When an employee takes software to create his own company, anybody would classify that as 'stealing' or 'theft.' Under existing state law, however, stealing valuable printer toner out of an office supply closet is a more serious offense than stealing valuable computer source code. I call on the New York State Legislature to adopt the recommendations of the White Collar Crime Task Force and protect intellectual property as rigorously as physical property."
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