In the largest operation of its kind, the federal government announced Tuesday it has smashed a global ring of 32 hackers and stock traders who for five years were trading on inside information contained in corporate press releases not yet made public. The defendants allegedly made more than $100 million in illegal profits.
“This international scheme is unprecedented in terms of the scope of the hacking, the number of traders, the number of securities traded and profits generated,” said a statement from U.S. Securities and Exchange Commission Chairwoman Mary Jo White.
