Security News > 2020 > April > SEC Settles With Two Traders Charged in EDGAR Hacking Case
The United States Securities and Exchange Commission last week announced that it reached a settlement with two of the traders charged last year over their roles in a scheme that involved hacking the organization's EDGAR electronic filing system.
The SEC revealed in September 2017 that a breach of its EDGAR system detected in 2016 had allowed hackers to obtain non-public information that was used by some traders to make a profit.
In January 2019, the SEC announced charges against nine defendants, including a Ukrainian hacker, two organizations, and six traders in the US, Ukraine and Russia.
Between May and October 2016, traders used at least 157 earnings releases obtained from the EDGAR system to make a profit of more than $4.1 million.
The SEC said last week that it settled with two of the traders charged in January 2019, namely David Kwon from California and Igor Sabodakha from Ukraine.