Reported about 8 hours ago
A former quantitative researcher at Two Sigma Investments, Jian Wu, has been indicted on charges of fraud after allegedly manipulating algorithmic models to earn $23.5 million while causing $165 million in losses to clients. The U.S. Department of Justice has accused Wu of wire fraud, securities fraud, and money laundering, and noted he is currently a fugitive. Wu, who was fired in 2024, used his technical skills to create misleading investment models, leading to significant financial harm for his employer and its clients.
Source: YAHOO