It is both a Wall Street rite of passage and Ken Griffin’s fundamental right that all who work within the precincts of finance must, at some point in their career, get fired by the Citadel Investment Group chief. One cannot really say one has truly worked in hedge funds until he or she has run that gauntlet. But, joke as we may, even Ken Griffin’s ravenous appetite for talent and merciless culling of those without enough of it (or an unfortunate string of bad luck) is insufficient to allow everyone the opportunity to try to avoid eye contact with that particular boss in a hallway, conference room or elevator.

That’s a long way of saying Michael Mindlin must have been pretty good at his job to get the opportunity for a Griffinesque dressing down and dismissal. Presumably based on his success at Stelliam Investment Management, Citadel brought Mindlin on in the summer of 2016. He made it a full two years before the inevitable departure, although we can’t be sure if that came by the usual route or if Mindlin sought, as some have in the past, to cheat Griffin of his entitlement. Stiil, it seems likely to have been the former, since we now have reason to suspect that Mindlin’s returns at Citadel didn’t quite measure up to what he achieved at Stelliam.

While working at Stelliam Investment Management, Michael Mindlin obtained non-public information in 2014 from an unnamed executive at HCA who had been a close friend for years, the Securities and Exchange Commission said in a Friday order. Mindlin, who didn’t admit or deny the allegations, agreed to pay $134,086 in penalties and agreed to an industry bar with the right to reapply after three years…. Citadel said it didn’t learn of the SEC investigation until Friday, adding that the regulator’s claims have nothing to do with the firm.

Looks like some new enhanced interrogation techniques may be coming to future Citadel interviews.

Hedge Fund Trader Fined Over Illegal Tips on HCA Healthcare [Bloomberg]