Hackers add new twist to insider trading problem facing M&A law firms
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New York
LAW firms that advise on mergers once had to worry about a rogue employee trading on deal tips. Now, they have to worry about hackers doing the same.
Federal prosecutors in Manhattan have charged three Chinese citizens with making more than US$4 million by trading on information they got by hacking into some of the top merger- advising law firms in New York. The three men targeted at least seven New York law firms to try to obtain information about deals in the works, according to an indictment unsealed on Tuesday.
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