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Judgment in: HFT-based intellectual property stolen, to be returned.

Anonymous Coward writes | about a year ago

0

An anonymous reader writes "In Australia a Melbourne judge has delivered a fatal blow to up and coming Sydney based (award winning) tech firm Zeptonics. The firm was secretly established in 2010 on a bedrock of stolen intellectual property, that of the Sydney based company Zomojo. The court ordered that Zeptonics developed and sold low latency trade tech to various companies around the world that it did not own and has been ordered to return these products to Zomojo, along with any profits gained. Dr Greg Robinson, Chairman at Zomojo, said "We will try to minimise any disruption to these companies, as it is an unfortunate consequence of them buying something from Zeptonics, which wasn’t theirs to sell". The judgment proceeding offers insight into the cloak and dagger nature of the HFT world. Chief protagonist Matthew Hurd established the rebel firm Zeptonics while still a managing director at Zomojo. The judge described his behaviour as dishonest, reprehensible and deplorable.
The judgment reads like a novel: http://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2012/2012fca1458"

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