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DOJ: Hackers broke into an SEC database and made millions from inside info

cnbc.com

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Re: DOJ: Hackers broke into an SEC database and made millions from inside info

#3

Post by gammateam »

> said the same criminals also stole advance press releases sent to three newswire services

Yeah I remember the charges against those people too

Basically newswire services get hacked and people get the earnings reports beforehand

SEC gets hacked and people get the earnings reports beforehand

I think public resources shouldnt be spent on that. Prosecute the hacking but just drop the “trading on material non public information but only in the equities capital markets and only when there is a duty from the source to keep things nondisclosed” sanctions. It is so narrow but extremely expensive to prosecute, has with little efficacy in stopping the behavior, and incorrectly effects the collective conscious on what can be traded and when. People at this point think its actually illegal to have a trading advantage in any context

Re: DOJ: Hackers broke into an SEC database and made millions from inside info

#7

Post by dnadler »

gammateam wrote: post #3

> said the same criminals also stole advance press releases sent to three newswire services Yeah I remember the charges against those people too Basically newswire services get hacked and people get the earnings reports beforehand SEC gets hacked and people get the earnings reports beforehand I think public resources shouldnt be spent on that. Prosecute the hacking but just drop the “trading on material non public in…

I don't understand your argument for not prosecuting MNPI trading. Are you saying that because the general public doesn't understand what MNPI is, the law shouldn't be enforced?

Are you taking issue with reason the law exists, or just that the people don't understand it?

And what's your basis for saying it's ineffective? From my experience, insider trading laws are taken very seriously by most of the industry.

Re: DOJ: Hackers broke into an SEC database and made millions from inside info

#9

Post by aqme28 »

ceejayoz wrote: post #5
illgenr wrote: post #4

Is there a reason why all SEC filing shouldn't be immediately publicly available?

Yes - so they're not released while the markets are open.

Just curious -- why does that matter? In either case there's a single moment wherein people can trade on it. Why is it better for that moment to be at 9:30 instead of say noon?
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