HFT player guilty of stealing secrets
The founder of a firm that speeds up high-frequency trading (HFT) via co-location was found guilty in an Australian court of stealing secrets.
Matthew Hurd, who founded Zeptonics on his laptop in 2005, was found guilty of stealing confidential information from his former employer - a firm called Zomojo - to develop high-speed trading solutions for his new firm.
According to the Sydney Morning Herald, "Mr Hurd was found by the Federal Court to have engaged in ''reprehensible'' and ''dishonest'' conduct by using technology and confidential information from his former employer, Zomojo, to develop his own trading devices. Mr Hurd was also accused of seeking to patent - in his own name - technologies developed by Zomojo."
Things were going rather well for Zeptonics. The firm won a $40,000 New South Wales government prize for innovation excellence following the unveiling last summer of ZeptoMux. The firm claimed it was the fastest switching device in the world that can process orders at around 130 nanoseconds or a billionth of a second.
HFT may be a relatively new invention but IP theft has been around for a while.
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