Wall Street hedge fund hit by trade secret theft
Posted on Thursday, July 24th, 2014 at 10:41 pm
According to a Bloomberg article published on Jul. 16, former Wall Street analyst Kang Gao has been accused of taking intellectual property from his former employer, Two Sigma Investments LLC.
The 29-year-old analyst accessed Two Sigma’s code that he was not authorized to view just prior to landing a job at a rival firm, Citadel LLC.
On Wall Street, firms are highly protective of their intellectual property for a very important reason: their software codes and trading models can give them millisecond advantages over others. These mere milliseconds can help hedge funds like Two Sigma gain significant amounts of money.
As such, it is no surprise that crackdowns in the financial industry on things like trade secret theft have been increasing in number and tenacity. In fact, Gao’s arrest is already the fourth intellectual property arrest made through the efforts of D.A. Cyrus Vance, Jr.
At Prebeg, Faucett & Abbott, PLLC, we have the experience and tools you need for your intellectual property case. To learn more about what our intellectual property lawyers can do for you if you have been a victim of trade secret theft, call us at (832) 742-9260 today.