Key Points:
Citadel Securities filed a lawsuit against two former employees for stealing trade secrets.
During their time at the company, Leonard Lancia and Alex Casimo allegedly started the crypto market maker Portofino Technologies.
As the company discovered information about Portofino’s early fundraising attempts, the pair resigned months later.
According to Bloomberg, Citadel Securities sued two former employees for stealing trade secrets.
Citadel Securities alleges that Leonard Lancia and Alex Casimo began raising capital and creating crypto market maker Portofino Technologies during their tenure at the firm, according to a complaint filed Wednesday.
The pair announced their resignation months later after the company uncovered information on Portofino’s early fundraising efforts and a pitch material during an internal investigation.
They “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 indictment said.
It is seeking a trial to determine the extent of economic damages and possible damages. Last September, Portofino received $50 million in venture capital. It is reported that Lancia is the head of the market-making business of the company’s European derivatives system, while Casimo is a member of the company’s European business management team.
Alex Casimo, left, and Leonard Lancia. Source: Bloomberg
Citadel Securities discovered texts and a pitch deck from Portofino’s early fundraising attempts during an internal probe months before the couple indicated their intention to depart the business, according to the lawsuit. According to the complaint, Casimo supplied possible partner information on latency issues for HFT trading in one exchange.
Portofino offers liquidity in cryptocurrency marketplaces to financial institutions and high-net-worth individuals through trading on controlled and decentralized exchanges as well as over the counter. It also provides advice and technical assistance to web3 companies interested in listing their assets on markets.
Citadel Securities is a market-making company based in Miami, Florida. It is one of the world’s major market makers, with operations in over 50 countries. It is the New York Stock Exchange’s biggest authorized market maker.
The company reported in January 2022 that venture capital firm Sequoia Capital and cryptocurrency investor Paradigm had made a $1.15 billion investment in the company. It was valued at around $22 billion in the acquisition.
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