By Jaikumar Vijayan
April 23, 2010
A federal judge in New York has denied bail to a former trader at
Societe Generale who was arrested earlier this week for allegedly
stealing proprietary computer code used in a high-speed trading system.
U.S. Magistrate Judge Michael Dolinger ordered Samarth Agrawal, 26 to
remain jailed, citing flight risk concerns if Agrawal were to be
released on bail.
Agrawal has been in custody since Monday when he was arrested on one
count of theft of trade secrets. If convicted, Agrawal, who is a native
of India, faces a maximum of 10 years in prison.
Agrawal is the second individual to be nabbed in the past year for
attempting to steal proprietary information involving high-speed trading
systems. Last July, Sergey Aleynikov, a software developer working for
Goldman Sachs, was arrested on charges that he stole 32 megabytes of
proprietary code used in the company's high-speed, high-volume trading
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