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Business Organizations Keyed to Chasalow, 3rd Ed.
S.E.C. v. Dorozhko
Citation:
574 F.3d 42 (2009)Facts
In October 2007, Oleksandr Dorozhko, a Ukrainian national, opened an online trading account with Interactive Brokers LLC and deposited $42,500. Around the same time, IMS Health announced it would release its third-quarter earnings on October 17 after market close. IMS had hired Thomson Financial to manage the online release of its earnings reports. On October 17, beginning at 8:06 a.m., an anonymous computer hacker attempted to access the IMS earnings report on Thomson’s secure server. At 2:15 p.m., the hacker successfully downloaded the IMS data. Beginning at 2:52 p.m., Dorozhko purchased $41,670.90 worth of IMS “put” options, representing approximately 90% of all purchases of IMS put options for the previous six weeks. When IMS announced earnings 28% below analyst expectations, its stock price dropped 28% the next morning. Within six minutes of market opening, Dorozhko sold all his options for a profit of $286,456.59. Interactive Brokers noticed the suspicious trading and referred the matter to the SEC, which alleged that Dorozhko was the hacker.
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