Sun Trading, a high-frequency trading firm based in Chicago has been ordered to pay a former employee – Kieran Fitzgerald – for damages in a defamation case. The high-speed trading firm alleged that Fitzgerald had sabotaged a successful market-making algorithm he had created for the firm prior to his resignation.
Sun Trading had escalated is claims when it began arbitration after Fitzgerald had begun a new job six months later.
In the official award, a three-member FINRA panel said:
The Panel finds that Kieran Fitzgerald (CRD #5956978) voluntarily resigned and there was insufficient evidence to support Sun Trading LLCs allegations that Kieran Fitzgerald destroyed Sun Trading LLCs property, made changes to Sun Trading LLCs system or violated industry standards. As such, all references to misconduct asserted by Sun Trading LLC shall be deleted.
The three-member FINRA panel awarded $1,335,000 to Fitzgerald after six days of hearings in compensatory damages and recommended full expungement of Suns statements from his industry record. This report is based on a press statement fromRottenberg Lipman Rich, P.C., which represented Fizgerald.
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