Man arrested over theft of federal bank source code

Authorities arrested a computer programmer on Wednesday and charged him with stealing source code from the Federal Reserve Bank of New York.

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Bo Zhang, 32, is accused of taking the software last summer while he was working as a contract employee assigned to the Federal Reserve Bank of New York. The stolen code has been valued at $9.5m (£6.2m).

Zhang allegedly admitted that in July 2011 he checked out and copied the code onto an external hard drive and on to his own computers, according to the complaint unsealed on Wednesday. He said he used the code in connection with a computer programming training company he operated, the complaint added.

For more on this ZDNet UK-selected story, see Man charged with stealing NY Fed Reserve Bank source code on CNET News.