Dec. 05--A former futures trader has been indicted on charges he stole trade secrets from a local firm by copying computer files onto a personal thumb drive.
David Jacob Newman, was charged with three counts of "intent to convert a trade secret to the economic benefit of someone other than the owner," according to the U.S. attorney's office in Chicago.
The U.S. attorney's office said Newman is 32 and lives in Chicago.
Newman's lawyer, Thomas More Leinenweber of Leinenweber Baroni Daffadasaid, "We are looking forward to a trial of this matter and my client being totally vindicated."
The U.S. attorney's office didn't name the trading firm Newman worked for, saying it often doesn't name victims of crimes.
Leinenweber identified the firm as WH Trading, which didn't immediately respond to a request for comment.
According to the U.S. attorney's office, Newman in 2011 signed a company document acknowledging that all information on the trading firm's information systems is the firm's property.
On Feb. 24, alone, he copied more than 400,000 computer files on to a personal thumb drive. The information included trading algorithms, the U.S. attorney's office said.
After he left the firm, he established an account to trade in the futures market. He signed an agreement with CME Group to use its trading platforms, the indictment said.
Newman worked for the trading firm from July 2004 through March 2014, first as a trading clerk and then as a trader. He left days after receiving his 2013 bonus, the U.S. attorney's office said.
The U.S. attorney's office says each count carries a maximum penalty of 10 years in prison and a $250,000 fine.
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Twitter @beckyyerak
