Originally published on Tue August 11, 2015 6:36 pm
By Laura Wagner
The party's over for Columbia House, the music and movie subscription company that has been called "the Spotify of the '80s."
Filmed Entertainment Inc., which owns Columbia House, filed for Chapter 11 bankruptcy protection on Monday in a Manhattan court after more than two decades of declining revenues, according to a company statement.
Federal authorities have charged nine people in connection with an elaborate trading scheme involving hackers from Ukraine and securities traders in the U.S. that generated more than $30 million in illegal profits.
The federal indictments, unsealed today in New York and New Jersey, allege that hackers broke into three news wire companies to get early access to more than 150,000 confidential press releases — such as merger-and-acquisition announcements. This allowed the schemers to make trades on them before the deals became public.