A man who allegedly hacked into the Thomson Financial network from Ukraine and subsequently used the non-public information cannot be penalized for "insider" trading, a federal judge has ruled. Southern District Judge Naomi Reice Buchwald ruled in Securities and Exchange Commission v. Dorozhko that defendant Oleksandr Dorozhko's alleged "hacking and trading" did not violate §10(b) of the Securities and Exchange Act of 1934, the section that bans insider trading.
No 'Insider Trading' Found in Alleged Data Hacking
New York Law Journal
January 24, 2008