David Newman was indicted by a federal grand jury in Chicago for stealing trading strategy computer code from an unnamed Chicago-based high-speed trading firm where he previously worked from July 2004 through March 2014 (one published report claimed that Mr. Newman’s prior employer was WH Trading LLC; click here for details). According to the indictment, Mr. Newman is alleged to have copied computer files of his former employer on three occasions in 2013 and 2014. After leaving his employer this year, claims the indictment, Mr. Newman used NTF LLC, a company he established in 2013, to access the CME Group in order to speculate in futures markets. As recently as 2011, Mr. Newman is alleged to have signed a document with his former employer acknowledging the confidential and proprietary nature of its computer files. If convicted, Mr. Newman could be sentenced up to 10 years in prison and be required to pay a fine of up to US $250 million for each of the three counts of theft for which he is charged. Recently, two former employees of Citadel LLC pled guilty in connection with federal charges related to the theft by one employee of proprietary trading strategy algorithms.