Trader said fired on his first day

Exit Sign

Sometimes it just doesn't work out.

The New York Post reports that Richard Lee, the ex-SAC Capital trader who pleaded guilty to insider trading last week, was fired from a rival hedge fund over a bonus-boosting scheme that was allegedly uncovered his first day in a new job.

Lee was ousted from Ken Griffin’s $15 billion Citadel Investment Group in 2008 for allegedly fiddling with the trading books in a ploy to pump up his payout, sources said.

What’s more, it happened during Lee’s first few hours as head of Citadel’s value special situation team, which focused on mergers, according to sources.

Lee never made it to a second day.

Citadel accused him of pulling profits from other trading groups to boost his own performance numbers, a source said.

Hit the link below to access the complete New York Post article:

Trader fired for bogus bonus – his 1st day!

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