Feds accuse group of profiting on Wall Street by hacking merger information from wire services

Economic IndicatorsAssociated Press

Federal prosecutors say a group of hackers made $30 million by breaking into the computer systems of companies that publish news releases about mergers and acquisitions.

According to an indictment unsealed Tuesday, the defendants gained access to news releases and traded on the information in them before they were made public.

Continue Reading Below

Federal prosecutors in New Jersey and New York City, along with Homeland Security Secretary Jeh Johnson and Securities and Exchange Commission Chairwoman Mary Jo White will discuss the case during a news conference Tuesday in Newark, New Jersey.

An indictment against five people was unsealed in Newark on Tuesday morning and another was filed under seal in Brooklyn, New York.

The five include two people described as Ukrainian computer hackers. The other three are securities traders.

Prosecutors allege the scheme started in February 2010.