Ex-Societe Generale Trader Charged With Stealing Code
A former trader for French bank Societe Generale has been accused of stealing information from the French bank, including code that drives the company's high-frequency trading systems.
The U.S. Attorney for the Southern District of New York Preet Bharara announced the charges against Samarth Agrawal on Monday.
Surveillance video allegedly shows Agrawal loading printed bank documents into a backpack on a weekend when he was in the office.
Afterward, Agrawal resigned from the firm and told his supervisors he wanted to return to India to start his own firm.
In a statement to CNBC, Societe Generale said it conducted an internal investigation and determined that its code was misappropriated. The bank contacted authorities and is cooperating with the investigation,
At a hearing in U.S. District Court Monday, Agrawal did not make bail and will be detailed until his next hearing this Thursday. The case is similiar to one involving former Goldman trader Sergey Aleynikov who is accused of stealing the firm's code last summer. Aleynikov was alleged to take the code a new firm. His trial is slated for November.