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Griffin’s Citadel Securities sues former employees over stolen “trade secrets”

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Citadel Securities, the market-making firm founded by Ken Griffin, the founder of hedge fund Citadel, is suing two former employees, claiming that they stole “trade secrets” when they set up their own market-making firm for cryptocurrencies, according to a report by Bloomberg. 

The report files a complaint filed by Citadel Securities on Wednesday as claiming that Leonard Lancia and Alex Casimo started raising capital and building their high-frequency trading firm, Portofino Technologies, while still working at Citadel Securities and had access to proprietary information. The company is reportedly seeking a trial to determine the extent of monetary damages and potential restitution. 

In the complaint, filed in state court in New York, Citadel Securities claims that 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”.

Portofino has denied the accusations and says it will contest the lawsuit.

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