Citadel Securities Fined $7 Million for Coding Error Causing Incorrect Data in Millions of Trades

Citadel Securities pays $7 million to settle SEC charges it incorrectly handled millions of orders and violated short-selling rules over 5 years
Coding error in automated trading system caused firm to incorrectly mark orders as long/short sales
Error provided incorrect data to regulators, depriving SEC of important market information
Without admitting wrongdoing, Citadel agrees to pay fine, certify error fixed, review programming
SEC Broker failures to comply with requirements can have negative consequences for records, markets

reuters.com

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9/24/2023

Citadel Sues Former Employees Over New Crypto Venture, Accuses Them of Stealing Secrets

Citadel Securities has taken legal action against founders of Portofino Technologies, Alex Casimo and Leonard Lancia, for allegedly plotting the launch of their start-up while still employed at Citadel Securities, while Portofino has accused Citadel of "intimidation and interference" and dismissed the claims as corporate bullying.