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Former Goldman Sachs Employee Charged with Insider Trading through Xbox Chat Service

Summary:
Anthony Viggiano, a former Goldman Sachs financial analyst, has been charged by the US Securities and Exchange Commission (SEC) for conducting insider trading using Microsoft's Xbox audio chat service. The SEC alleges that Viggiano misused his access to confidential information to enrich himself and his friends. The insider trading scheme involved Viggiano sharing insider secrets about upcoming deals, generating over $400,000 in illicit gains. Viggiano worked for both Goldman Sachs and Blackstone Inc. Viggiano is accused of using encrypted Xbox audio chats, although the encryption status of these chats remains unclear. While Microsoft's terms of service state that Xbox chats are not recorded by default, they can be recorded and reported in cases of inappropriate behavior. This case raises concerns about the privacy and security of Xbox chats, especially since many underage users utilize the platform.

Insider trading is the illegal practice of trading stocks or other securities based on material non-public information. It is a violation of securities law and undermines the fairness and integrity of the financial markets. The US Securities and Exchange Commission (SEC) is the regulatory agency responsible for enforcing securities laws and protecting investors.

Microsoft's Xbox audio chat service allows users to communicate with each other during online gaming sessions. The chats can be conducted through voice, and in this case, were allegedly used by Viggiano to pass along confidential information for illegal trading purposes.

This incident highlights the need for continued efforts to ensure the privacy and security of online communication platforms. Users should be aware of the potential risks associated with sharing sensitive information over these platforms and exercise caution in their interactions.

Sources:
– The original article can be found on Benzinga.
– Definitions sourced from Investopedia and SEC.