Citadel Securities Alleges Ex-Employees Stole Trade Secrets (2)

Citadel Securities sued a pair of former employees after they broke off to form a market-making firm for cryptocurrencies.

The company claims Leonard Lancia and Alex Casimo started raising capital and building their high-frequency trading firm, Portofino Technologies, while still working at Citadel Securities with access to proprietary information, according to a complaint filed Wednesday. It is seeking a trial to determine the extent of monetary damages and potential restitution.

The pair “engaged in a brazen scheme to steal Citadel Securities’ trade secrets, lie to their Citadel Securities colleagues and raid the ranks of Citadel Securities’ employees,” the firm wrote ...