24 June 2017
Visit cib.db.com

Guilty trader 'refuses' to turn over stolen software

16 December 2016  |  7459 views  |  0 programming code

An ex Goldman Sachs trader who stole software from his employer has disobeyed a judge's order to turn over the stolen intellectual property so that he can profit from it upon his release, a London court heard

Xe Ku, a Cambrigde maths graduate, had worked as a quantitative analyst at Goldman Sachs writing trading strategies.

According to prosecutors, he used his computer know-how to illegally obtain algorithmic trading codes as well as software code from a former employer Trenchant Trading Systems.

Xu left Trenchant in August 2014, unhappy at only receiving a £400,000 bonus. He flew to Hong Kong taking confidential codes with him with the intention of selling them to rival firms. Instead he was arrested and extradited back to Britain where he was jailed seven months later.

He is currently serving a four year jail sentence but could face longer in jail if he fails to comply with the court order. Xu maintains that he never had possession of the codes after handing his computer to his family and then seeing it lost after the house was burgled.

The prosecution disagrees. "Mr Xu has tried to hang on to those secret trading strategies so they are there for him when he is released from prison and returns to China," James Lewis QC told the court. "Mr Xu was ordered to tell the police where the copies of Trenchant's trade secrets he made were and to hand those copies back and also to hand over the related computer equipment."

The case continues.

 

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Flash crash trader faces 30-year jail term

Flash crash trader faces 30-year jail term

10 November 2016  |  3044 views  |  0 comments | 1 tweets | 2 linkedin
EUR4.9bn SocGen rogue trader wins unfair dismissal case

EUR4.9bn SocGen rogue trader wins unfair dismissal case

07 June 2016  |  4297 views  |  3 comments | 4 tweets | 5 linkedin
Three charged over trading code theft

Three charged over trading code theft

27 August 2013  |  3265 views  |  0 comments | 3 tweets
Ex-Goldman trader pleads guilty to wire fraud

Ex-Goldman trader pleads guilty to wire fraud

05 April 2013  |  6137 views  |  0 comments | 2 tweets | 1 linkedin
UBS 'rogue trader' Adoboli found guilty of fraud

UBS 'rogue trader' Adoboli found guilty of fraud

20 November 2012  |  6578 views  |  0 comments | 3 tweets | 1 linkedin

Related company news

 

Related company information

Goldman Sachs

Related blogs

Create a blog about this story (membership required)
visit wavestone-advisors.co.ukvisit vasco.com/news/PSD2-compliant-solutionsvisit www.finastra.com

Top topics

Most viewed Most shared
Live: EBAday 2017, day twoLive: EBAday 2017, day two
9434 views comments | 4 tweets | 5 linkedin
Worldpay pilots app-only mPOS for small retailersWorldpay pilots app-only mPOS for small re...
9094 views comments | 18 tweets | 27 linkedin
Live: EBAday 2017, day oneLive: EBAday 2017, day one
8593 views comments | 3 tweets | 4 linkedin
UK banks will need to change one million sort codes under ring-fencing rulesUK banks will need to change one million s...
8111 views comments | 8 tweets | 25 linkedin
What Banks and their customers can expect for the futureWhat Banks and their customers can expect...
7012 views comments | 7 tweets | 10 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job