A former Citadel LLC employee pleaded guilty to stealing data from the Chicago investment firm and high-frequency trading computer code from another company.
Bloomberg News has reported that Yihao Ben Pu, 26, who was first charged in 2011, admitted taking the proprietary information from Citadel that year and to an earlier theft of trade secrets from an unnamed company based in Red Bank, New Jersey, that developed HFT infrastructure software.
With the plea before U.S. District Judge Charles Norgle, Pu avoided a trial scheduled for September 2. He faces as long as 10 years in prison and a fine of as much as $250,000 on each of the two counts. His sentencing is scheduled for November 7th.
U.S. prosecutors are cracking down on intellectual property theft from financial firms, with Manhattan District Attorney Cyrus Vance Jr.’s office having charged at least four analysts or programmers in connection with theft of code.
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