James Delahunty
28 Aug 2013 5:06
Two men have been charged in New York for allegedly stealing source code from a high-frequency trading firm.
Prosecutors allege that the men intended to use the code to start their own firm. Jason Vuu, 26, Simon Lu, 25 and Glen Cressman, 26, were arraigned on the charges earlier this month and are due to go back to court on November 18.
Vuu is a former trader at Flow Traders LLC in Manhattan. Prosecutors allege that he e-mailed himself proprietary code, as well as trading strategies and valuation algorithms from the firm. He then, allegedly, shared the information with Lu.
Cressman - also a former trader at Flow Traders LLC - is alleged to have copied files containing trading strategies and valuation algorithms without permission, though his lawyer Charles Ross maintains his clients' innocence.
"He was a fine employee, and when everything about the case is aired, it will be clear he did nothing wrong," Ross said.