top of page

StoneX Under Federal Investigation Following Billion Dollar Fraud Allegation

Brokerage firm reveals multiple federal probes related to technology theft and employee poaching lawsuit.

February 7, 2024

In a November 2023 lawsuit StoneX Group Inc. (SNEX), a financial services and brokerage firm, was accused of stealing technology and trade secrets from rival BTIG to build a competing product. In recruiting a team of former BTIG traders and software engineers, BTIG accused StoneX of orchestrating:

“ of the greatest financial-industry trade secret frauds in recent history,"

The suit alleges the scope of StoneX’s misconduct is not currently known and may exceed a billion dollars.

In disclosing the civil complaint in its latest quarterly filing, StoneX suggested two new federal probes are related to the BTIG allegations:

“...subsequently received from the U.S. Department of Justice (the “DOJ”) and the SEC subpoenas that the Company believes are related to conduct alleged in the BTIG complaint…”

Become a DuDil Insider

Get our due diligence alerts before they're released publicly & be first to know.

bottom of page