Former Jane Street trader, Douglas Schadewald, denies stealing trade secrets for Millennium Management, while Jane Street accuses him of causing a 50% profit drop.
Former Jane Street trader, Douglas Schadewald, denies stealing trade secrets and using them at Millennium Management. Jane Street accused Schadewald and fellow trader Daniel Spottiswood of using its proprietary strategy, causing a 50% drop in its profits in March. However, Schadewald dismisses the claims as "reckless speculation" and states that the duo brought in about $4 million for Millennium through mid-April, while denying any significant impact on Jane Street's profits.
April 24, 2024
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