Chicago trader gets 1 year in prison for stealing secrets
CHICAGO (AP) - Officials say a Chicago trader has been sentenced to a year in federal prison for stealing his employer's proprietary trading codes.
The U.S. Attorney's office for the Northern District of Illinois reported Monday that David J. Newman downloaded and stole the computer code and trading software belonging to Chicago-based WH Trading. Authorities say Newman committed this crime during a five-month period from late 2013 to early 2014.
They say Newman resigned from the company in March 2014. He intended to use the stolen material in his own firm called NTF to compete with WH Trading.
The 34-year-old Newman pleaded guilty last year to one count of theft of trade secrets. U.S. District Judge Manish S. Shad imposed the sentence and fined Newman $100,000.