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U.S.: 3 Chinese Hacked for Stock Secrets

Charged with breaching law firms, trading on what they found.

Iat Hong of Macau, Bo Zheng of Changsha, China, and Chin Hung of Macau, all Chinese citizens, have been charged in the United States with trading on confidential corporate information that they allegedly obtained through computer hacking. Prosecutors claim the men made more than $4 million by placing trades on at least five companies’ stocks based on information they obtained from anonymous law firms. “This case of cyber meets securities fraud should serve as a wake-up call for law firms around the world: You are and will be targets of cyberhacking, because you have information valuable to would-be criminals,” U.S. Attorney Preet Bharara said in Manhattan.