Photo: Milken Institute
Federal authorities arrested a former Citadel employee on allegations that he stole trade secret information from the hedge fund, the New York Times reported.Yihao Ben Pu, 24, a former technology employee at Citadel, has been charged stealing stealing information from the hedge fund’s trading systems.
From the Times:
Authorities contend that Mr. Pu, hired as a quantitative engineer at the firm last year, illegally uploaded sensitive information about Citadel’s computer-driven trading strategies to personal devices in August before attempting to destroy the evidence.
The reminds us of the trade secret theft executed by programmer Sergey Aleynikov, who used to work for Goldman Sachs writing algorithms.
Aleynikov was found guilty of stealing Goldman’s high-frequency proprietary trading algorithms. He was sentenced in December to 8 years.