Is This The Unluckiest Guy In The Financial Markets ?

Sad Clown

And he used to work for Goldman Sachs.

Reuters reports that a former Goldman Sachs computer programmer has failed to win the dismissal of charges by Manhattan's district attorney of stealing secret trading code, despite having earlier had his federal conviction over the same activity thrown out.

In a decision made public on Tuesday, New York State Supreme Court Justice Ronald Zweibel said the former programmer, Sergey Aleynikov, did not show that the charges brought by Manhattan District Attorney Cyrus Vance Jr amounted to double jeopardy, or were part of a 'vindictive prosecution' justifying dismissal.

Zweibel also rejected the argument that Aleynikov has been 'punished enough', having already spent 11 months in prison during the federal proceedings and lost his home and savings, and that ending the case served the interest of justice.

Federal prosecutors had accused Aleynikov of stealing trading code from Goldman in 2009 as he prepared to join a high-frequency trading startup firm in Chicago.

Aleynikov, a naturalized U.S. citizen born in Russia, was freed from federal prison in New Jersey in February after a U.S. appeals court reversed his December 2010 conviction for stealing the bank’s trading code, saying the two laws that prosecutors used to charge Aleynikov - the National Stolen Property Act and the Economic Espionage Act - didn’t apply to his case.

One banker told Here Is The City: 'This guy lost his job, his reputation and his net worth. He spent 11 months in jail, and the last 4 years an almost-certain nervous wreck. At some stage, someone has to say 'stop'. He has surely suffered enough and been made an example of. Is there no compassion out there ?'.

Hit the link below to access the complete Reuters article:

Former Goldman programmer fails to win dismissal of code theft case

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image: © steenslag

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