On September 11, 2025, the U.S. Attorney for the Southern
District of New York (SDNY) and the Securities and Exchange
Commission (SEC) brought parallel criminal and civil charges,
respectively, against Jian Wu for orchestrating a scheme to deceive
his former employer, Two Sigma Investments, LP and its affiliate,
Two Sigma Advisers, LP (together "Two Sigma"), to reap
millions of dollars in ill-gotten compensation by secretly
manipulating computer-based algorithmic investment models that Two
Sigma used to make investment decisions for clients, including
decisions to buy and sell securities.1 According to the
SDNY, Wu is currently a fugitive.
The SEC's complaint alleges that, between November 2021 and
August 2023, Wu secretly manipulated at least 14 investment models
that he created or helped create, which Two Sigma used to predict
the future performance of securities, and which Wu understood Two
Sigma used to make investment decisions for clients. According to
the
