Georgia Trader Admits To Stealing News Releases To Make Illegal Profit

A 51-year-old trader from Georgia on Thursday admitted to participating in an international scheme to hack and steal corporate press releases to make $30 million in illegal trading profits. Arkadiy Dubovoy pleaded guilty to wire fraud and now faces up to 20 years in prison and a $250,000 fine, according to a statement from the Department of Justice. "The conviction of Arkadiy Dubovoy, who admitted trading on the stolen information and splitting the profits with hackers in Ukraine, was made possible by the hardworking prosecutors and agents who unraveled this unprecedented scheme," New Jersey U.S. Attorney Paul Fishman said. Dubovoy was arrested in August 2015, when U.S. authorities brought charges against nine people who were allegedly part of an international conspiracy to get early access to news releases and trade on the developments before they were made public.