Citadel has sued the crypto firm, alleging that former executives stole trade secrets.
Citadel Securities alleges in a lawsuit that two former employees tried to raise capital and start a high-end crypto trading company while at the company.
Citadel Charges Two Former Employees
Citadel Securities has started legal action against high-frequency crypto trading firm Portofino. This lawsuit was based on the allegation that Leonard Lancia and Alex Casimo, co-founders of Portofino Technologies, used Citadel’s proprietary information to steal Citadel’s trade secrets and launch their own ventures.
Citadel Securities seeks to indemnify Lancia and Casimo for financial losses by prosecuting them. The case was submitted to a court in New York and the legal process is ongoing.
According to Citadel Securities’ filing, Leonard Lancia and Alex Casimo “did deeply into efforts to build and raise capital for their respective companies” about six months before they announced their intention to leave Citadel Securities. The lawsuit also alleges that the founders of Portofino had no hesitation in using Citadel Securities’ trade secrets and intended to copy Citadel Securities’ business model.
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