Robert Sicari, former Brevan Howard portfolio manager, faces a lawsuit from former colleague Wooyoung Hong. Hong alleges Sicari withheld millions in promised trading profits after they both left Brevan Howard in 2024 to join Thirty Park Capital. Hong claims Sicari promised 50% of gains from specific trades and a 30% stake in the new fund.
The suit estimates Hong is entitled to up to $3.5 million for trades handled from November 2024 to December 2025. Among the cited successful trades are bets tied to CoreWeave's failed $9 billion takeover of Core Scientific, Chevron's acquisition of Hess, and the Paramount Global-Skydance Media merger. The largest claim stems from a US Steel acquisition bet, which Hong says returned 80%, entitling him to $1.2 million to $2 million.
Sicari allegedly attempted to renegotiate the terms in January, offering a $400,000 cash payment and a vesting 30% profit share. Hong rejected the offer and claims Sicari subsequently cut off his access to firm systems. Hong was only paid $20,000 for his year of work.
A lawyer for Hong stated, "In America, when you work, you should be paid." Brevan Howard declined to comment, and Sicari stated Thirty Park is no longer operating.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing