The U.S. securities regulator on Thursday said it had settled with two traders who allegedly made money trading on material nonpublic information stolen through a hack into the agency's EDGAR electronic filing system.
FILE PHOTO: The U.S. Securities and Exchange Commission logo adorns an office door at the SEC headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst
The traders were among several defendants charged by the agency last year for a 2016 hack that the Securities and Exchange Commission said reaped $4.1 million from illegal trades, and that exposed a security weakness in test filings sent to the system’s servers. The “defendants engaged in an international scheme to obtain and use hacked information to enrich themselves,” Joseph G. Sansone, chief of the SEC’s market abuse unit, said in a statement about the settlement.
Sabodakha was accused of trading on about 49 occasions on information acquired through the hack during that time period. In addition to giving up $148,804 in ill-gotten gains, he has also agreed to pay a fine of the same size, the SEC said.
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