Legal Blog

Friday Factoid: Ex-Hedge Fund Analyst Receives Three Year Prison Sentence for Stealing Software Code

In January 2015, former Citadel computer engineer Yihao “Ben” Pu was sentenced to three years in prison for stealing trade secrets from Citadel, a Chicago-based hedge fund. Citadel is estimated to hold $24 billion in assets. Pu worked in Citadel’s high-frequency trading unit, which created algorithms to predict the anticipated movement of securities and software programs to execute trades based on such algorithms. High-speed traders, including those at Citadel, treat their algorithms and related stock trading software as highly guarded trade secrets. Sources: Chicago Tribune Jon Wachs websiteIf you have any questions regarding the content of this communication, please contact Jonathan R. Wachs: jwachs@offitkurman.com | 301.575.0302. If you would like to subscribe to receive Friday Factoids® in your inbox click here.