Chicago trader gets 1 year in prison for stealing ex-employer's computer code

[dumpdapump]

What is going on with the moral and ethical values, and above all, the sense of legality and illegality of people on this website? The convict obviously acted illegally by violating the agreements with his former employer. Which part is not clear in this case? Acting criminally is a much higher burden of proof and does not apply here. Possible that people here often confuse criminal wrongdoing from illegal behavior?

you mess the mafia or 'racket' the guys lucky his throat wasn't cut for stealing from THEM!
these guys even bribed the judge to give harsh message to other 'theives'

most companies just fire the employee, not charge them with theft and one year in prison..society loses when people unnecessarily goes to prison for a not a real crime. nothing is 'stolen'

total baloney, there is no secret to trading.
there is no patent either on pricing of options,or stocks .
these guys think the can 'patent' and math equation or patent a quote.
there is no patent on the markets.

these people think the can patent a line of code or patent the human DNA or patent nature. or patent the H20 or patent water.

15 years of data, you mean, they use historical data to make their algorithms. nothing new, these automated programs just copy human traders okay. just automated. there is no patent.

 

[dumpdapump]

Bravo

When are you people going to grasp that there is absolutely no difference between an employee who you pay to build a car stealing that car and an employee who you pay to build software stealing that software! I know it's hard for some to grasp the concept that something you can't touch and feel can still have significant value, but seriously, what's wrong with you? This has nothing to do with a patent, it has everything to do with the rule of law in the United States which is what separates us from places like China where everyone seems to have your attitude that intellectual property can be freely stolen. You clearly have never owned a company or built anything with an enterprise value.

 

[vanzandt]

When are you people going to grasp that there is absolutely no difference between an employee who you pay to build a car stealing that car and an employee who you pay to build software stealing that software! I know it's hard for some to grasp the concept that something you can't touch and feel can still have significant value, but seriously, what's wrong with you? This has nothing to do with a patent, it has everything to do with the rule of law in the United States which is what separates us from places like China where everyone seems to have your attitude that intellectual property can be freely stolen. You clearly have never owned a company or built anything with an enterprise value.

Ha.
Well....all I can say is the entire music industry has had to deal with this.... and accept it.... for the last 15 plus years. People can bitch all they want,.... but circling the wagons doesn't work. Its a whole new ballgame. And of course its not right... but it is what it is. Best to plan accordingly, cause all the bitchin in the world won't stop it. If it could, it already would have.


While not apples to apples in this case.... as Sig pointed out.... stealing is stealing. :

 

[Sig]

Ha.
Well....all I can say is the entire music industry has had to deal with this.... and accept it.... for the last 15 plus years. People can bitch all they want,.... but circling the wagons doesn't work. Its a whole new ballgame. And of course its not right... but it is what it is. Best to plan accordingly, cause all the bitchin in the world won't stop it. If it could, it already would have.


While not apples to apples in this case.... as Sig pointed out.... stealing is stealing. :
View attachment 174345

It is a little easier to prosecute when you have a signed contract with the employee and you've been paying them, plus there's a little less sympathy than when the recording industry slaps a million dollar law suit on a 12 year old. But yeah, definitely something those of us who generate intellectual property for a living have to learn to manage.

It's tougher for the trading companies because in many cases the code is almost the entire secret sauce. With an operating company you've got to also know how to run a business and be willing to put the work in to do it, which insulates us a little since almost by definition the thieves are generally lazy and unwilling to put the work in to build and run something on their own.

 

[bookish]

As I have said before, I can't make a grocery list without someone stealing it, drugging me, and asking me how it works.

 

[marketraiders]

the news story is bullsheet. more likely his lawyer gets him a few months of community service for 'copying' or stealing his former employers trading algorithm.
These trading algorithms are a dime a dozen,,,people have no 'guilt' or remorse when they copy other people's code and copies and gives it away for free and publish it.. there is no 'stealing' copying and stealing is totally different things ask any criminal lawyer. there is no crime.

 

[marketraiders]

also, people who commit insider trading, market manipulation and money laundering don't feel what they doing is immoral and have no guilty feeling what so ever. however most people will feel guilty robbing an old lady in the street or stealing stuff in a retail store.

 

[marketraiders]

his 'crime' isn't in stealing or copying the code. his crime is when he was 'employed' he signed an agreement with the employer not to reveal or share the code outside of the firm or after he leaves or quits his job.

his 'crime' is he didn't broke the agreement or contract.

the actual copying of the code isn't a 'crime' as he didn't steal anything. most hackers are guilty of accessing computers without 'authorization' or 'trespassing' not the actual stealing of the code.

http://www.chicagotribune.com/business/ct-chicago-trader-sentenced-0606-biz-20170605-story.html

 

[dumpdapump]

Yes, copying others IP without their permission (in fact strictly prohibited in writing in contract) and stealing is not different in most banana republics. Do you want to belong to the civilized part of the world that subscribes to the rule of law or do you want to munch bananas under the tree and, for example, justify extrajudiciary killings of drug addicts? It's a choice only you can make and generally the choice determines whether you almost surely end up in the shitter or whether you at least have a fair shot to make it in life.

the news story is bullsheet. more likely his lawyer gets him a few months of community service for 'copying' or stealing his former employers trading algorithm.
These trading algorithms are a dime a dozen,,,people have no 'guilt' or remorse when they copy other people's code and copies and gives it away for free and publish it.. there is no 'stealing' copying and stealing is totally different things ask any criminal lawyer. there is no crime.

 

[dumpdapump]

It's not about what the perpetrator feels, it's all about whether something is legal or not.

also, people who commit insider trading, market manipulation and money laundering don't feel what they doing is immoral and have no guilty feeling what so ever. however most people will feel guilty robbing an old lady in the street or stealing stuff in a retail store.