Castle Securities sues former employee for over $7.9 million over founding of crypto company

Odaily Planet Daily reported that Citadel Securities has filed a lawsuit in London, claiming over £6 million (approximately $7.9 million) from Leonard Lancia, the former European Head of Systematic Market Making for Derivatives and co-founder of high-frequency crypto trading firm Portofino Technologies.

Citadel Securities accuses Leonard Lancia and his colleagues of planning their startup while still employed, and has won damages and legal costs in related labor arbitration proceedings. Additionally, Citadel Securities also filed a lawsuit against Portofino Technologies in the U.S. in 2023, alleging theft of trade secrets. Leonard Lancia and Portofino Technologies have denied all allegations. The High Court of London rejected Leonard Lancia's request to lift the asset freeze order last Friday. (Bloomberg)