Duran leads Al Nassr past Yokohama Marinos into AFC Champions League Elite semi-finals    Al Ahli cruise past Buriram into AFC Champions League Elite semi-finals    Saudi Arabia offers condolences to Iran following deadly Bandar Abbas port explosion    Saudi Arabia welcomes Palestinian leadership reforms, appointment of Hussein Al-Sheikh    Ministry of Hajj issued over 150,000 Nusuk cards for the Hajj of 2025    Saudi Arabia deports 12,866 illegal residents in a week    Pope Francis laid to rest at historic funeral in Rome    Massive explosion at Iran's Shahid Rajaee Port injures over 500 people    SFDA clears first 44-ton medical shipment for Hajj pilgrims    Over 13 million worshipers pray at Rawdah Sharif in a year    Saudi orchestra to perform at Sydney Opera House in May    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Nammos Amala Resort to open soon with Saudi-Greek designs    Saudi Arabia completes 674 Vision 2030 initiatives, achieves 93% of KPIs as ninth-year milestone marked    GACA chief chairs 16th meeting of the Steering Committee on aviation's strategy    Alkhorayef praises advancements in Al-Kharj food industries sector    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Average life expectancy in Saudi Arabia rises to78.8 years    Famed Philippine film star Nora Aunor dies at 71    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Trader accused in $100 mln hacking scheme pleads not guilty in U.S.
Published in Saudi Press Agency on 02 - 09 - 2015

AlQa'dah 18, 1436, September 02, 2015, SPA -- A man charged over his alleged role in a more than $100 million insider trading scheme that involved hacking into networks that distribute corporate news releases pleaded not guilty on Wednesday, according to Reuters.
Arkadiy Dubovoy, who spoke Russian and used an interpreter, entered his plea to securities fraud, wire fraud and conspiracy charges in a brief appearance before U.S. District Judge Madeline Cox Arleo in Newark, New Jersey.
A Nov. 4 trial date was set. Michael Critchley, a lawyer for Dubovoy, declined to comment after the hearing.
Dubovoy's son Igor has also been charged, and appeared earlier Wednesday before U.S. Magistrate Judge Cathy Waldor, also in Newark.
Igor Dubovoy last week was unable to meet a $3 million bond set by a federal judge in Atlanta before his case was moved to New Jersey. Prosecutors said the Dubovoys are from Alpharetta, Georgia, an Atlanta suburb.
Both men were among 32 defendants, including traders and hackers, charged last month by U.S. authorities over an alleged five-year scheme to steal more than 150,000 press releases from Business Wire, Marketwired and PR Newswire before the news became public.
Nine of the defendants were criminally charged, including seven who prosecutors said were traders and two who were said to be hackers. The Dubovoys were two of the traders. Five of the nine were arrested in the United States, and four were at large in Ukraine.
Prosecutors said traders gave hackers "shopping lists" of press releases they wanted to peek at in advance and then made trades before more than 800 of the stolen releases were made public.
Arkadiy Dubovoy was among the more successful traders, accounting for more than $11 million of illegal profit after trades in such companies as Align Technology Inc and Caterpillar Inc, prosecutors said.
Another trader, Morgan Stanley alumnus and hedge fund manager Vitaly Korchevsky, made more than $17 million of illegal profit, prosecutors said. A federal judge in Brooklyn, New York, on Aug. 26 ordered Korchevsky's release on $2 million bond.
The U.S. Securities and Exchange Commission, which brought related civil charges in the case, said the conspiracy included traders in New York, Cyprus, France, Malta and Russia.
Business Wire is a unit of Warren Buffett's Berkshire Hathaway Inc, and PR Newswire is a unit of Britain's UBM Plc.


Clic here to read the story from its source.