Regulator brings charges over £64m insider trading hack

US authorities have charged 32 members of an alleged hacking and insider trading ring which is said to have generated over £64m in illegal profits.

The BBC reports the 32 fraud charges have been brought by US regulator the Securities and Exchange Commission and spans the US, Russia, Ukraine, France and Cyprus.

Indictments claim that hackers accessed data via financial newswires to obtain information about companies before it was made public. This information was then used to buy and sell shares.

In a statement, SEC chair Mary Jo White says: “This international scheme is unprecedented in terms of the scope of the hacking, the number of traders, the number of securities traded and profits generated.”

Nine members of the alleged ring had already been charged by district attorneys in New York and New Jersey.

In March, data from the FCA analysed by law firm Pinsent Mason showed there had been a surge of insider trading cases in the UK. The data showed the number of cases of suspected insider trading had risen 24 per cent in the past year and 370 per cent since 2008.