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Thursday, December 15, 2016

CAMBRIDGE INVESTMENT GENIUS DENIES 5 COUNTS OF FAILURE TO COMPLY WITH A SERIOUS CRIME PREVENTION ORDER



An investment genius who stole his employer’s valuable trade secrets has refused to surrender them so he can become ‘a very rich man’ in China after his release, a court heard.

Ke Xu, 32, hacked into Trenchant Trading Systems Private Ltd’s computer systems and accessed secret algorithm codes worth millions of dollars on the stock market in 2014.

Xu had become disillusioned after landing a £400,000 bonus on top of his £85,000 salary from the company in 2013 because he believed he should have been paid more than £1,000,000.


He resigned abruptly in August 2014 and flew to Hong Kong after stealing the codes and touting himself to head hunters in the financial sector.

The former Goldman Sachs worker was arrested before he could start a new job in Hong Kong and extradited back to the UK in December 2014.

Xu was jailed for four years in July 2015 after admitting fraud by abuse of position.

Southwark Crown Court heard he has since ‘deliberately disobeyed the court’s order’ to return his copies of the codes and computer equipment.

James Lewis QC said: ‘On the 3 July 2015 Mr Xu, the defendant, at this court admitted dishonestly accessing and analysing his employer’s trade secrets.

‘In this case they were trading strategies and he did so with a view to making himself a very rich man by taking those secret strategies to rival firms.

‘He was sentenced to four years’ imprisonment, but in addition to the prison sentence this court ordered him to cooperate with the police in the return of those trading strategies and the computers he used to access his employer’s systems.

‘He hasn’t done so.’

Xu, who denies five counts of failure to comply with a Serious Crime Prevention Order, claims he never took copies of the codes and said he handed his computer equipment to his family.

The Cambridge maths graduate says the equipment was lost when his parents’ home was burgled in China. Xu gained a first in maths at Cambridge and has worked as a quantitative analyst writing trading strategies for financial institutions including Goldman Sachs.

‘Mr Xu has tried to hang onto those secret trading strategies so they are there for him when he is released from prison and returns to China,’ said Mr Lewis.

‘Mr Xu was ordered to tell the police where the copies of Trenchant’s trade secrets he made were and to hand those copies back and also to hand over the related computer equipment.’
He continued: ‘Mr Xu has completely failed to comply with the order. He says he can’t hand back copies of the trading strategies because he never took copies.

‘As for the computer equipment, he says he no longer has it, claiming he handed it to family members in China.’

Mr Lewis told jurors they will have to decide upon two issues: ‘Did Mr Xu keep any copies of the company’s secrets, namely those trading strategies in the form of computer code?

‘And secondly, does he have a reasonable excuse for not surrendering to the police the computer equipment he had used to access the company’s code?’


The defendant, currently a serving prisoner at HMP Maidstone, denies five counts of failure to comply with a Serious Crime Prevention Order.

The trial continues..

Source Courtesy: Court News Service

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OUR HUMAN RIGHT TO LAMPOON AND CRITICISE POLITICIANS

THE HIGH COURT has ruled....People have a right to lampoon and criticise politicians and public officials under the Human Rights Act, the High Court has ruled.

We have the full High Court judgment, saved as a page on here. l

ampoon (lampoon) Pronunciation: /lamˈpuːn/ verb [with object] publicly criticize (someone or something) by using ridicule, irony, or sarcasm: the actor was lampooned by the press noun a speech or text lampooning someone or something: the magazine fired at God, Royalty, and politicians, using cartoons and lampoons.

Derivatives: lampooner noun lampoonery noun lampoonist noun Origin: mid 17th century: from French lampon, said to be from lampons 'let us drink' (used as a refrain), from lamper 'gulp down', nasalized form of laper 'to lap (liquid).

NUJ CODE OF CONDUCT

NUJ Code of Conduct

The NUJ's Code of Conduct has set out the main principles of British and Irish journalism since 1936.

The code is part of the rules and all journalists joining the union must sign that they will strive to adhere to the it.


Members of the National Union of Journalists are expected to abide by the following professional principles:

A journalist:

1 At all times upholds and defends the principle of media freedom, the right of freedom of expression and the right of the public to be informed

2 Strives to ensure that information disseminated is honestly conveyed, accurate and fair

3 Does her/his utmost to correct harmful inaccuracies

4 Differentiates between fact and opinion

5 Obtains material by honest, straightforward and open means, with the exception of investigations that are both overwhelmingly in the public interest and which involve evidence that cannot be obtained by straightforward means

6 Does nothing to intrude into anybody's private life, grief or distress unless justified by overriding consideration of the public interest

7 Protects the identity of sources who supply information in confidence and material gathered in the course of her/his work

8 Resists threats or any other inducements to influence, distort or suppress information and takes no unfair personal advantage of information gained in the course of her/his duties before the information is public knowledge

9 Produces no material likely to lead to hatred or discrimination on the grounds of a person's age, gender, race, colour, creed, legal status, disability, marital status, or sexual orientation

10 Does not by way of statement, voice or appearance endorse by advertisement any commercial product or service save for the promotion of her/his own work or of the medium by which she/he is employed

11 A journalist shall normally seek the consent of an appropriate adult when interviewing or photographing a child for a story about her/his welfare

12 Avoids plagiarism The NUJ believes a journalist has the right to refuse an assignment or be identified as the author of editorial that would break the letter or spirit of the code.

The NUJ will fully support any journalist disciplined for asserting her/his right to act according to the code

The NUJ logo is always a link to the home page.

(As modified at Delegate Meeting 2011)