Ex-IKOS Analyst Fined Over Stolen Software

Aug 26 2011 | 1:08pm ET

A former IKOS Asset Management analyst has been ordered to pay €25,000 for allegedly stealing the firm's algorithmic trading systems.

Vincent Pfister was found to have ignored an order last year by a court in Cyprus, where IKOS is based, to turn over all of the hedge fund's intellectual property. But Pfister both e-mailed the data to himself and downloaded it onto a memory stick, which he then mailed to his parents in France from England.

Pfister denied that he had ill intent, although he admitted he planned to work for IKOS co-founder Martin Coward after leaving the hedge fund last year. He claimed that he was a pawn in the nasty battle between Coward and his wife, IKOS chief Elena Ambrosiadou and that he merely panicked about the memory stick.

"It is not possible that the accused could not remember having possession of the USB stick on which he had downloaded information from IKOS," the judge ruled, also dismissing his claims of "panic and naïveté."

IKOS' battle with Pfister is among several dozen legal actions taken by both sides in the dispute. IKOS claims that Coward was seeking to set up a rival hedge fund in Monaco, where he lives, while Coward claims that he still owns a stake in IKOS and alleges that IKOS and Ambrosiadou have been spying on him and other former IKOS employees.


In Depth

AIMA: Smaller Firms Remain the Lifeblood of the Hedge Fund Industry

Jul 26 2017 | 5:55pm ET

It is a hedge fund industry truism that the largest managers receive the most attention...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Rastegar: PE Real Estate Gains Momentum as Uncertainty Rises

Jul 21 2017 | 6:04pm ET

The steady march of equity markets and fundamental shift in the direction of Fed...

 

From the current issue of