Former trading house staff accused of source-code-lifting

Financial Services // New York, United States

Two ex-traders apparently emailed themselves trading desk strategies and programming from the company’s proprietary trading platform, so they could start up a rival firm.

The pair and a third man were indicted in New York State Supreme Court for allegedly stealing intellectual property from the Manhattan office of Flow Traders, a brokerage company with headquarters in the Netherlands.

Ex-employee Jason Vuu is accused of working with a college friend, Simon Lu, on a trading platform for a company they intended to found, Network World reports. Another ex-Flow Traders staffer, Glen Cressman, allegedly emailed himself proprietary trading strategies twice in December 2012.

Searches of the men's residences turned up "several electronic devices capable of being used to share stolen code," according to a news release from Manhattan District Attorney Cyrus R. Vance's office. 

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