Quant Fails to Get $1 Billion Source-Code Theft Charge Tossed

An ex-Headlands Technologies LLC quantitative trader must face a criminal charge that he stole source code that his former employer spent more than $1 billion to develop.

Richard Ho was charged last year with using Headlands’ code to launch his own firm, then partnering with one of his former employer’s rivals. Ho’s lawyers had argued that the January 2025 indictment was unconstitutionally vague in its description of the code and that he couldn’t defend himself without knowing precisely what trade secrets he was accused of stealing.

Richard Ho

Photographer: Christian Monterrosa/Bloomberg

US District Judge Jeannette Vargas in Manhattan on Monday denied Ho’s motion ...