Traders Stole Press Releases, SEC Claims

Law360, New York (November 1, 2005, 12:00 AM EST) -- A renegade Estonian financial-services firm stole press releases from more than 200 U.S. public companies and traded on the news before it reached the public, the Securities and Exchange Commission claimed in an emergency federal court action filed Monday.

The firm, Lohmus Haavel & Viisemann (Lohmus), and two of its employees stole the confidential information from the website of Business Wire and made at least $7.8 million in illegal profits since the beginning of the year, the SEC said.

The U.S. District Court for the Southern...
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