SAC Captial hired a guy who was fired on his *first* day at his prior job
Posted by
Brian (aka trav007)
Aug 2 '13, 06:40
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But after two years, when his boss moved on, Citadel thrust Mr. Lee into a new role atop the desk. The promotion took effect on March 31, 2008.
That evening, as Mr. Lee valued existing positions, he edited some of the figures to underestimate his predecessor’s returns. That way, the people briefed on the matter said, Mr. Lee could collect even greater gains if the position continued to rise, a move that would have increased his pay by $100,000 or more. Within hours, the people said, a colleague flagged Mr. Lee’s activity.
Kenneth C. Griffin, Citadel’s chief executive, approved the decision to fire him. The New York Post reported earlier that he was fired the first day on his new job.
In April 2009, Mr. Lee joined SAC. He did so, prosecutors said, over objections of SAC’s lawyers. Mr. Cohen “received a warning” from a Citadel employee that Mr. Lee belonged to Citadel’s “insider trading group,” said the government filing.
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