A former Citadel LLC employee whose job was to research and develop high-frequency trading strategies pleaded guilty to obstructing a probe into the theft of trade secrets from the Chicago-based investment firm.
Bloomberg News reports that Sahil Uppal, 26, entered his plea Tuesday before U.S. District Judge Charles Norgle in Chicago, five days after co-defendant Yihao Pu pleaded guilty to taking proprietary information from Citadel and to stealing computer code from a New Jersey company. Their trial had been set for September 2nd.
Led by founder Kenneth C. Griffin, Citadel manages more than $20 billion in assets, according to its website.
Pu and Uppal joined Griffin’s firm four months apart in 2010 after working for a Red Bank, New Jersey, investment technologies business, according to an April 2013 indictment.
Each signed a non-disclosure agreement, pledging not to use Citadel’s confidential information for anyone else’s benefit including their own.
By the time he arrived at Citadel, Pu, 26, had already taken proprietary computer code from the New Jersey firm, he confessed in court last week. Uppal admitted he’d written three computer scripts for quantitative trading for Citadel and transferred them to a computer accessible by him and Pu, without the firm’s permission.
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