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SEC was hacked, illegal profits possible

Staff Writer | September 21, 2017
The U.S. Securities and Exchange Commission (SEC) said that its online filing system was hacked and the culprits may have made profits illicit trades.
Security   The EDGAR filing system
SEC chairman Jay Clayton said in a statement that the agency learned last month that its systems were likely hacked in 2016, giving the hackers access to information from companies not yet available to the public.

The SEC's EDGAR filing system, which is used to process corporate disclosure documents, was the subject of the hack.

According to Bloomberg, hacking into the EDGAR system would give access to millions of documents containing information about companies before it's made public, giving the investor valuable knowledge about where to put one's money in the stock market.

Clayton did not delve into details about what information was illicitly obtained, but said the investigation is ongoing and the SEC is "coordinating with appropriate authorities."