CHICAGO (AP) — A computer analyst who pleaded guilty to stealing trade secrets from Citadel LLC and a New Jersey trading firm has been sentenced to three years in prison.
Yihao Pu called his actions “regrettable” before he was sentenced Thursday by U.S. District Judge Charles Norgle.
Pu illegally downloaded information about algorithms developed for use in high-frequency trading by Chicago-based Citadel.
Prosecutor Patrick Otlewski said Pu was guilty of “arrogance, greed and entitlement,” contending he should be sentenced to at least seven years in prison.
Although Norgle found the 27-year-old Pu of Waltham, Massachusetts caused $12.2 million in losses, he ordered Pu to pay Citadel $760,000 to cover costs incurred investigating the case.
Pu’s friend, 26-year-old Sahil Uppal of Colts Neck, New Jersey, was sentenced to three years of probation for helping cover up the theft.