Volume V

Issue : 5: March 8, 2007

• California Supreme Court Rules Online Re publishers not Liable for Third Party Postings
• SEC Sues Hacker for Prematurely Accessing Press Releases and Trading on Non-Public Information
• New Zealand Passes Anti spam Law
• Verizon Wireless Wins Judgment Against Wireless Spammer
• Australian State Blocks YouTube in Public Schools to Counter Cyber Bullying
• Appellate Court Upholds Conviction in Acxiom Data Theft Case
• Pro Golfer Sues over Defamatory Wikipedia Posting

Home > Volume V > Issue 5: March 8, 2007 > SEC Sues Hacker for Prematurely Accessing Press Releases and Trading on Non-Public Information

SEC Sues Hacker for Prematurely Accessing Press Releases and Trading on Non-Public Information

A recent report indicates that the US Securities and Exchange Commission (SEC) has sued an overseas company and its sole shareholder and CEO for allegedly hacking into computer systems to retrieve press releases prior to their release, and trading on such non-public information. The lawsuit alleges that the company, Blue Bottle Ltd., and Mathew Charles Stokes, made improper trades on at least 12 different publicly traded US companies based on information in the press releases which had not yet been released to the public, including trades in Symantec Corp. and Real Networks Inc.

For additional information, visit:

http://www.siliconvalley.com/mld/siliconvalley/news/editorial/16788986.htm