Chinese Nationals Charged With Hacking Firms to Steal M&A Info
Mark Hamblett reports:
Three Chinese nationals face federal charges for allegedly hacking into two major U.S. law firms in a scheme to trade on information about imminent mergers and acquisitions.
U.S. Attorney Preet Bharara of the Southern District of New York announced Tuesday that Iat Hong, Bo Zheng and Hung Chin have been charged with infiltrating the servers of two law firms in 2014 and 2015 and accessing nonpublic information about pending deals. According to Bharara’s office, the information was used in trades that reaped roughly $4 million in illegal profits.
The indictment unsealed Tuesday does not name the law firms, which are referred to as Law Firm 1 and Law Firm 2.[…]
Based on those details the two firms appear to be Weil, Gotshal & Manges and Cravath, Swaine & Moore, firms where cyberbreaches previously were reported.
Read more on Law.com.