Authorities in New York have accused a 28-year-old former quantitative analyst of stealing information about the algorithmic trading models used by the $14 billion hedge fund where he worked, according to court documents.
Manhattan District Attorney Cyrus Vance charged the former analyst, Kang Gao, on Feb. 12 with two counts each of computer trespassing and unlawful duplication of computer related material and one count of unauthorized use of secret scientific material, according to the court filing.
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The hedge fund where Gao worked, Two Sigma Investments, fired him two weeks ago and sued him last week in state court on claims he stole confidential information. Gao stole information about the trading programs "as part of an apparent plan to take that information to a new employer, either one of Two Sigma's competitors in the United Kingdom, or to start his own business in China," Two Sigma's suit said.