In an unfortunately named case of United States v. Pu, the government has charged Yiaho "Ben" Pu of stealing trade secrets from the Chicago-based investment firm named Citadel LLC. Mr. Pu is only 24 years old.
Bloomberg's BusinessWeek is reporting that Citadel hired Pu last year to help develop proprietary- trading strategies for the $11 billion hedge fund. Citadel officials allegedly discovered Pu copying company data onto a removable storage device.
Pu made an initial appearance yesterday before U.S. Magistrate Judge Maria Valdez. He is being held in federal custody while awaiting a detention hearing scheduled for tomorrow, according to prosecutors.