Legal
Citadel Securities Alleges Ex-Employees Stole Trade Secrets
- Market maker claims duo started fundraising before they left
- Portofino vows to fight ‘unmeritorious, anticompetitive’ suit
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.