The Broader Implications of Trade Secret Theft July 7, 2009

Trade secret theft is not just a civil monetary matter that is derived from a breach of fiduciary duty or unfair competition. It has criminal implications as well.

In a story that was published earlier today, a former Goldman Sachs vice president was arrested by the FBI based upon this employee’s alleged trade secret theft, more particularly, claims that he stole Goldman’s proprietary automated trading codes and uploaded them to a remotely located computer server.

According to the FBI, this employee downloaded and then transferred this proprietary information from his work computer after accepting a job offer at a different company, and then tried to conceal his actions by deleting the history of his actions from his desktop computer.

He is currently out on bail.

Jonathan Cooper is a New York Business Litigation and New York Commercial Litigation Lawyer with a focus on New York breach of contract and New York business fraud claims before the Nassau, Queens, Brooklyn, Bronx, Westchester and Suffolk County courts of New York State. For more information, feel free to contact his Long Island office at 516-791-5700.

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