Last week, the Department of Justice (“DOJ”) and the Securities & Exchange Commission (“SEC”) announced charges connected to a large-scale, international conspiracy to hack into the SEC’s Electronic Data Gathering, Analysis and Retrieval (“EDGAR”) system and profit by trading on stolen material, non-public information. The conduct underlying these cases was one of the principal reasons that the SEC created its Division of Enforcement “Cyber Unit” to target cyber-related securities fraud violations.
The Attorney General’s Cyber-Digital Task Force has released its first report, which provides a detailed assessment of the cyber threats facing the United States and discusses the ways the Department of Justice (DOJ) is combatting and preparing to combat those threats.
Assistant Attorney General of the U.S. Department of Justice (DOJ), Antitrust Division, Makan Delrahim recently spoke at the University of Chicago’s Antitrust and Competition Conference and discussed how U.S. antitrust law should treat “big data.” According to Delrahim, antitrust law is “flexible enough to address competition issues from emerging platforms,” including large tech companies like Google and Facebook that possess significant market share within their lines of business and simultaneously aggregate vast sums of personal data from consumers.
The Department of Justice announced the unsealing of a federal indictment charging 36 individuals for their alleged roles in the Infraud Organization, an Internet-based cybercriminal enterprise that is alleged to have engaged in a large-scale cyberfraud. The indictment alleges that the enterprise caused more than $530 million in actual losses to consumer, businesses, and financial institutions.