Relevant:
- 'Ebullient' Cohen Reveling in Insider Trading Ruling
- Hack of SEC rattles investors, lawmakers (MAY HAVE ENABLED INSIDER TRADING)
- Hackers Breach Law Firms, Including Cravath and Weil Gotshal, Spurring Insider-Trading Investigations
- Push To Make Insider Trading Legal Comes A Bit Too Late For SAC Capital
- Supreme Court Case Forces Cooperman Prosecutors to Halt Criminal Investigation
2017-09-25 — marketwatch.com
The SEC Office of Information Technology staff took steps in 2016 to fix the defect in the custom-developed software code and reported the incident to the Department of Homeland Security's Computer Emergency Readiness Team. Then SEC staff crossed their fingers and hoped that the thieves would never use the non-public Edgar filing information for illegal insider trading.
Those prayers were not answered. The agency, and fellow self-regulators like Nasdaq and Finra, are getting too good at identifying unusual trading patterns. They look for the "too good to be true" wins that likely come from timely confidential information. Recent insider-trading cases highlight the SEC's enhanced capabilities in tracking and zeroing in on traders who are cheating.
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