{"id":10055,"date":"2023-05-17T16:08:11","date_gmt":"2023-05-17T20:08:11","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/citadel-securities-suing-two-former-employees-after-they-left-to-form-a-crypto-firm\/"},"modified":"2023-05-17T16:08:12","modified_gmt":"2023-05-17T20:08:12","slug":"citadel-securities-suing-two-former-employees-after-they-left-to-form-a-crypto-firm","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=10055","title":{"rendered":"Citadel Securities Suing Two Former Employees After They Left To Form a Crypto Firm"},"content":{"rendered":"
\n

Citadel Securities is suing two former employees after they left to form a cryptocurrency market-making firm.\u00a0<\/p>\n

One of the world\u2019s largest market makers claims that Leonard Lancia and Alex Casimo started raising capital and building the trading firm Portofino Technologies, while still working at Citadel, with access to proprietary information, according to Bloomberg News<\/u>.<\/p>\n

Citadel wants a trial to determine the extent of monetary damages and potential restitution, the news outlet reported.<\/p>\n

Lancia and Casimo \u201cengaged in a brazen scheme to steal Citadel Securities\u2019 trade secrets, lie to their Citadel Securities colleagues and raid the ranks of Citadel Securities\u2019 employees,\u201d Bloomberg reported.<\/p>\n

Lancia was Citadel Securities\u2019 head of Europe systematic options market making and Casimo worked with Citadel Securities\u2019 business management team, according to their LinkedIns.<\/p>\n

In an internal investigation, Citadel Securities said it found messages and a pitch deck from Portofino\u2019s early fundraising efforts, months before Lancia and Casimo said they were leaving the firm, Bloomberg reported.\u00a0<\/p>\n

What is Portofino Technologies?\u00a0<\/h2>\n

The company describes itself as a \u201ccrypto native technology start-up with 35+ employees across 5 global locations,\u201d according to its LinkedIn.<\/u><\/p>\n

\u201cPortofino deploys its proprietary market making technology to trade on centralized, decentralized and OTC digital asset markets, and provides token services & investments to Web3 companies,\u201d the company said.<\/p>\n

Citadel<\/u> was founded by billionaire Ken Griffin in 2001 and has over 1,600 employees in Chicago and Miami.\u00a0<\/p>\n

The company is a market maker, meaning it buys and sells securities for its own account to provide liquidity.<\/p>\n

\u201cMarket makers make it easier for investors to buy or sell a security quickly, or in large volumes. In financial terms, they deliver liquidity and depth to the market,\u201d Citadel says on its website. \u201cIn times of volatility, market makers provide liquidity and depth when other participants may not\u2014ensuring markets stay resilient.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Citadel Securities is suing two former employees after they left to form a cryptocurrency market-making firm.\u00a0 One of the world\u2019s largest market makers claims that Leonard Lancia and Alex Casimo started raising capital and building the trading firm Portofino Technologies, while still working at Citadel, with access to proprietary information, according to Bloomberg News. Citadel […]<\/p>\n","protected":false},"author":1,"featured_media":10056,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-10055","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nCitadel Securities Suing Two Former Employees After They Left To Form a Crypto Firm | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Citadel Securities is suing two former employees after they left to form a cryptocurrency market-making firm.\u00a0One of the world\u2019s largest market makers\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=10055\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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