The Associated Press
Nov. 15, 2006
NEW YORK - A former Source Media Inc. executive was charged with hacking
into the company's computer system three years after he was dismissed,
and tipping off employees whose jobs were in jeopardy, prosecutors said
In a press release, the U.S. Attorney's office in Manhattan said Stevan
Hoffacker, the company's one-time director of information technology and
later vice president of technology, was charged with one count of
unauthorized access to a protected computer network.
Source Media is the New York publisher of American Banker, the Bond
Buyer and other financial publications. It is a unit of Bahrain's
Hoffacker, 53, faces up to five years in prison on the charge. He was
arrested Wednesday in Queens, where he lives.
A lawyer for Hoffacker didn't immediately return a phone call seeking
comment late Wednesday.
Prosecutors have alleged that Hoffacker, who worked for Source Media and
its predecessor company from 1998 to 2003, hacked into the company's
e-mail network and sent e-mails to two Source Media employees in August
and in September of this year, alerting them that they might lose their
jobs. The messages were sent from a Yahoo account, according to court
Hoffacker had access to usernames and passwords of other employees
during his work in the company's information technology department,
The two employees had been the subject of e-mails among executives
discussing their employment status and possible termination, the
According to court documents, the company was forced to retain the
services of an outside law firm and had to redirect personnel to address
the security breach. As a result, the damage to Source Media's business
was more than $100,000, according to court records.
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