Fired Citadel Programmer Indicted For Stealing Hedge Fund's Code

May 14 2012 | 1:23pm ET

A former Citadel Investment Group software engineer accused by the hedge fund of stealing its high-frequency trading code has been indicted.

Yihao Pu was arrested in October, two months after he was fired by Citadel for the alleged crime. Pu, who said that Citadel had "overreacted" and who has denied the allegations, was indicted for theft of trade secrets and computer fraud on Friday. He'll be arraigned this Friday in Chicago federal court.

Pu has been free on bail since his arrest.

Citadel in August sued Pu, accusing him of downloading "massive amounts of highly confidential" data onto "at least two personal external devices." The hedge fund also accused Pu of lying about his activities, and of being in touch with Teza Technologies, a firm founded by several Citadel HFT veterans that the hedge fund has also accused of stealing its proprietary systems.

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