25 May 2017
Visit www.capgemini.com/worldreports

Computer contractor sentenced for stealing source code from NY Fed

05 December 2012  |  5139 views  |  0 New York Skyline 1

A Chinese computer contractor has been sentenced to six months of house arrest after pleading guilty to stealing millions of dollars worth of source code from the US Federal Reserve Bank of New York.

Bo Zhang, 33, was arrested in May and admitted downloading the code - used by the US Treasury to manage billions of dollars of daily transfers - to a portable hard drive and his home computer. The transferred code had cost $9.5 million to develop, the Fed said.

Prosecutors had been seeking an 18-month prison sentence for the crime, which Zhang committed while employed by an unidentified third party contractor. In sparing a prison stretch, US District Court judge Paul Gardephe noted that the code had not been handed over to anyone else and was still being used by the government.

Sentencing included three years of supervised release along with home confinement. Zhang also faces the threat of deportation.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Former CME software engineer pleads guilty to code theft

Former CME software engineer pleads guilty to code theft

20 September 2012  |  5460 views  |  0 comments
Former Goldman programmer arrested again over HFT code theft

Former Goldman programmer arrested again over HFT code theft

10 August 2012  |  8648 views  |  0 comments
New York Fed contractor charged with stealing Treasury code

New York Fed contractor charged with stealing Treasury code

19 January 2012  |  6192 views  |  0 comments
Ex-Citadel staffer charged over code theft

Ex-Citadel staffer charged over code theft

14 October 2011  |  6896 views  |  0 comments
Fed Reserve computer hacker pleads guilty

Fed Reserve computer hacker pleads guilty

15 April 2011  |  7532 views  |  0 comments
Ex-Goldman programmer jailed for eight years over HFT code theft

Ex-Goldman programmer jailed for eight years over HFT code theft

21 March 2011  |  9156 views  |  0 comments
Former SocGen trader found guilty of code theft

Former SocGen trader found guilty of code theft

23 November 2010  |  9238 views  |  0 comments
Malaysian hacker breached Fed network

Malaysian hacker breached Fed network

19 November 2010  |  10753 views  |  0 comments
UBS algo trading code theft case dropped

UBS algo trading code theft case dropped

15 February 2010  |  11557 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit www.capgemini.com/worldreportsvisit www.events.sap.comDownload the paper now

Top topics

Most viewed Most shared
Banks must get on AI bandwagon now – new Finextra researchBanks must get on AI bandwagon now – new F...
9242 views comments | 22 tweets | 31 linkedin
Google and PayPal partner for mobile shopping by fingerprintGoogle and PayPal partner for mobile shopp...
9188 views comments | 28 tweets | 28 linkedin
Twins fool HSBC voice biometrics - BBCTwins fool HSBC voice biometrics - BBC
8964 views comments | 21 tweets | 24 linkedin
BBVA launches Open API marketplaceBBVA launches Open API marketplace
7009 views comments | 32 tweets | 46 linkedin
BBVA brings info and payments to social and messaging networksBBVA brings info and payments to social an...
6768 views comments | 11 tweets | 17 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job