Matt Levine, Bloomberg, Goldman Coder Goes Free, But Insider Trader Stays in Jail, here. Has to be the worst code anyone did time over. It’s like stealing from the neighbor’s septic tank, getting caught, and doing time.
The state judge’s decision reversing Aleynikov’s conviction turns on a very long and sort of arid discussion of what the word “tangible” means, but the upshot is, roughly, if you are stealing high-frequency trading code in New York, steal it on a thumb drive (not a crime), not on a paper printout (probably a crime, also not that useful). I hasten to emphasize that this is not legal advice. It makes no sense, but then, the law making this stuff a crime was enacted in 1967, when the only way to steal code was to print out several tons of punch cards and then dynamite your way out of the building. The law is dumb.