Wednesday, 27 May 2015
Last updated 13 min ago
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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…