Three Chinese stock traders were ordered to pay $8.9 million in fines and penalties for hacking into two law firms and stealing information on upcoming mergers and acquisitions and then leveraging the information to trade stocks.
A federal court in New York ordered Iat Hong, Bo Zheng, and Hung Chin to pay fines, as well as Hong’s mother Sou Cheng Lai who held a bank account where the proceeds from the stock sales were kept, according to a copy of the judgment posted by SC Media.
