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Wed, Jan 18 2012 Will Russia spill blood? Tue, Jan 17 2012 Obama rejects Keystone pipeline Wed, Jan 18 2012 U.S. charges Chinese man with NY Fed software theft Tweet Share this Email Print Related News U.S. charges 7 in $62 million Dell insider-trading case Wed, Jan 18 2012 More arrests in insider trading probe: sources Wed, Jan 18 2012 Fed should keep easy policy to boost economy: Evans Wed, Jan 11 2012 Fed officials at odds over policy path Wed, Jan 11 2012 Upromise agrees to settle FTC deceptive trade practices charges Fri, Jan 6 2012 Analysis & Opinion In Citi appeal, who will speak for Rakoff? A tale of two SEC cases Related Topics Tech » Cyber Crime » People walk past the Federal Reserve building on September 14, 2008. Credit: Reuters/Chip East By Basil Katz NEW YORK | Wed Jan 18, 2012 8:34pm EST NEW YORK (Reuters) - U.S. prosecutors arrested a Chinese computer programmer on charges he stole software code valued at nearly $10 million from the Federal Reserve Bank of New York. Bo Zhang, 32, of Queens, New York, worked as a contract programmer at the bank. He was accused of illegally copying software to an external hard drive, according to a criminal complaint filed in U.S. district court in Manhattan. Authorities said the software, owned by the U.S. Treasury Department, cost about $9.5 million to develop. A New York Fed spokesman said in a statement that the bank immediately investigated the suspected breach when it was uncovered and promptly referred the matter to authorities. "The New York Fed has further strengthened its already considerable protections as a result of this incident," the spokesman said. A federal magistrate judge ordered Zhang released on $200,000 bail after a brief court hearing. He was arrested on Wednesday morning, a federal prosecutor told the judge. An attorney for Zhang, Joseph Grob, confirmed his client was a Chinese citizen but declined to comment on the charges. Grob told the judge that Zhang holds a job in New Jersey. Zhang was charged with one count of stealing U.S. government property, which carries a maximum 10 year prison term. He is due back in court on February 17. The complaint, signed by an FBI agent, said Zhang had admitted to copying the code onto a drive and taking it home. Zhang told investigators he took the code "for private use and in order to ensure that it was available to him in the event that he lost his job," the complaint said. While U.S. intelligence officials have become increasingly worried about economic espionage by China and Russia, cyber crime experts said the case appeared to be one of simple theft. "The fact that he was released on bail and charged only with theft is an indication that, at this time, the FBI does not believe that this is connected to international espionage," said a former law enforcement official, who spoke on condition of anonymity because he was not authorized to speak by his current employer. Zhang was hired as a contract employee in May by an unnamed technology consulting company used by the Fed to work on its computers, the complaint said. The code, called the Government-wide Accounting and Reporting Program (GWA), was developed to help track the billions of dollars the United States government transfers daily. The GWA provides federal agencies with a statement of their account balance, the complaint said. Investigators uncovered the suspected breach only after one of Zhang's colleagues told a supervisor that Zhang had claimed to have lost a hard drive containing the code, the complaint said. The case is USA v. Bo Zhang, U.S. District Court for the Southern District of New York, No. 12-0108. (Reporting By Basil Katz; Additional reporting by Jonathan Spicer; Editing by Gary Hill, Tim Dobbyn, Steve Orlofsky, Phil Berlowitz) Tech Cyber Crime Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (6) darfut wrote: Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Advertise With Us Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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