Ex-SocGen trader gets 3-year prison term in NY

1st March 2011, Comments 0 comments

A former Societe Generale trader convicted of stealing technology secrets and transporting stolen property was sentenced Monday to three years in prison in New York, a prosecutor said.

Samarth Agrawal, 26, was convicted in November of stealing a proprietary computer code used in Societe Generale's high-frequency trading business and of transporting the stolen code across state lines.

Judge Jed Rakoff sentenced Agrawal to three years in prison in New York.

Agrawal worked for Societe Generale from March 2007 to November 2009, first as an analyst and then as a trader in the high-frequency trading unit, authorities said.

A surveillance camera showed him stuffing pages into his backpack on July 12, 2009, prosecutors said, noting he had access to a key computer code of the unit.

The same week, in a job interview with another company, Tower Capital Research, the trader mentioned wanting to copy Societe Generale's code before he resigned.

He was arrested on the day he was to have started work at Tower Capital Research and after having secured the stolen code for months.

Societe Generale expressed satisfaction after the sentencing.

"As we said at the time of the guilty verdict, we are satisfied with the verdict," said Jim Galvin of Societe Generale Corporate & Investment Banking.

"We brought this serious matter to the attention of the criminal authorities because Societe Generale is determined to protect its valuable intellectual property to the fullest extent of the law," he said.

© 2011 AFP

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