U.S. Magistrate Judge Michael Dolinger ordered Samarth Agrawal, 26 to remain jailed, citing flight risk concerns if Agrawal were to be released on bail.

Agrawal has been in custody since Monday when he was arrested on one count of theft of trade secrets. If convicted, Agrawal, who is a native of India, faces a maximum of 10 years in prison.

Agrawal is the second individual to be nabbed in the past year for attempting to steal proprietary information involving high-speed trading systems. Last July, , a software developer working for Goldman Sachs, was arrested on charges that he stole 32 megabytes of proprietary code used in the company's high-speed, high-volume trading system.

Agrawal worked at Societe Generale's New York offices initially as a quantitative analyst and later as a trader in the company's High Frequency Trading Group (HFTG).

According to the official complaint against him, the code that Agrawal is alleged to have stolen took Societe General several years and millions of dollars to develop.