Deals
Chinese Hackers Must Pay $8.9 Million in Law Firm Data Theft
- Three defendants used stolen information to trade, U.S. says
- Federal judge in New York orders civil forfeiture and fines
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Three Chinese hackers who stole information on deals from two top New York law firms and used it to trade stocks were ordered to pay $8.9 million in fines, disgorgements and interest.
U.S. District Judge Valerie Caproni in Manhattan issued the May 5 order in favor of the U.S. Securities and Exchange Commission, but the hackers -- Iat Hong, Bo Zheng and Hung Chin -- aren’t in the U.S. Hong was arrested in December in Hong Kong and is awaiting extradition, while the whereabouts of the other two aren’t known.