Kenneth C. Griffin of Citadel Investment Group Sued For Fraud by Business Partner and Mentor
Wexler Toriseva Wallace LLP
6/9/2006 11:29:55 AM
Rush E. Simonson, a business partner and mentor of billionaire hedge fund trader Ken Griffin, has filed a Complaint in the Circuit Court of Cook County, Illinois against Griffin and his hedge fund company, Citadel Investment Group. The case alleges that Griffin breached fiduciary duties to Simonson by wrongfully utilizing property and contacts of the partnerships the two formed.
The Complaint alleges that, during the term of their partnership, Griffin secretly used proprietary technology, business contacts and financial models of the former Simonson/Griffin hedge fund partnerships to induce others to fund a separate investment venture he was starting in Chicago, a venture that later became Citadel. Simultaneously, according to the lawsuit, Griffin took steps to conceal his activities from Simonson and wrongfully abandoned their hedge fund business.
Griffin�s exploitation of Simonson, the trade secrets and investment strategies directly contributed to his success and wealth. Due to Griffin�s well-known secrecy and reclusiveness, which the lawsuit attributes to his desire to prevent Simonson from discovering his long-term deception, Simonson only recently began to discover the nature and extent of Griffin�s actions.
A copy of the complaint is posted on the Wexler Toriseva Wallace LLP website at www.wtwlaw.us.
Wexler Toriseva Wallace LLP
6/9/2006 11:29:55 AM
Rush E. Simonson, a business partner and mentor of billionaire hedge fund trader Ken Griffin, has filed a Complaint in the Circuit Court of Cook County, Illinois against Griffin and his hedge fund company, Citadel Investment Group. The case alleges that Griffin breached fiduciary duties to Simonson by wrongfully utilizing property and contacts of the partnerships the two formed.
The Complaint alleges that, during the term of their partnership, Griffin secretly used proprietary technology, business contacts and financial models of the former Simonson/Griffin hedge fund partnerships to induce others to fund a separate investment venture he was starting in Chicago, a venture that later became Citadel. Simultaneously, according to the lawsuit, Griffin took steps to conceal his activities from Simonson and wrongfully abandoned their hedge fund business.
Griffin�s exploitation of Simonson, the trade secrets and investment strategies directly contributed to his success and wealth. Due to Griffin�s well-known secrecy and reclusiveness, which the lawsuit attributes to his desire to prevent Simonson from discovering his long-term deception, Simonson only recently began to discover the nature and extent of Griffin�s actions.
A copy of the complaint is posted on the Wexler Toriseva Wallace LLP website at www.wtwlaw.us.