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by Mike Caswell

The U.S. Securities and Exchange Commission has obtained an $11.4-million judgment against Arkadiy Dubovoy, one of those charged in a newswire hacking scheme that included Toronto's Marketwired LP. (All figures are in U.S. dollars.) The SEC said that he was part of a group that generated tens of millions in illegal gains using stolen non-public information. Mr. Dubovoy, who lives north of Atlanta, obtained access to the news through a network of Ukrainian hackers, according to the SEC.

The penalty for Mr. Dubovoy is contained in a judgment entered on May 15, 2020, in federal court in New Jersey. The $11.4-million represents disgorgement of his gains from the scheme. The order also bars him from future violations, a standard term in most SEC cases.

The sanctions represent a negotiated settlement, although there was no issue as to Mr. Dubovoy's liability. He previously pleaded guilty to related criminal charges in New Jersey, admitting to his part in the fraud. The only issue was the amount that he would pay.

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