- Associated Press - Wednesday, July 12, 2017

NEW YORK (AP) - An engineering research associate at the Massachusetts Institute of Technology has been arrested on insider trading charges filed in New York.

Authorities said Wednesday that Fei Yan was charged with earning $120,000 in illegal profits from secrets stemming from two corporate mergers last year.

The 31-year-old Chinese citizen, arrested at his Cambridge, Massachusetts, home, was freed on $500,000 bail after appearing in Boston federal court. His assistant public defender did not immediately comment.

Federal prosecutors in New York City say Yan got his illegal tips from his spouse, a lawyer at an international law firm.

Prosecutors say Yan’s illegal trades came after he studied online how to avoid law enforcement detection. They say he read an article entitled: “Want to Commit Insider Trading? Here’s How Not to Do It.”

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.

 

Click to Read More

Click to Hide