Saturday, 18 November, 2017

MIT Scientist Charged With Insider Trading After Searching 'Insider Trading' Online

Hacking hacker Scyther5 | Getty Images
Marlene Weaver | 15 July, 2017, 03:32

"Here's How Not to Do It".

The firm is one of the elite group of magic circle legal practices in the City and opened in NY in 1972.

Yan was released on a $500,000 unsecured bond after a hearing in Boston federal court on Wednesday. After the acquisitions were made public, Yan sold.

The law firm was not identified in court papers, but in a statement, the London-based global law firm Linklaters confirmed it had employed the associate.

An afternoon recap of the day's most important business news, delivered weekdays.

Linklaters said, "We will continue to cooperate fully with the authorities on this matter, and the relevant associate has been suspended, pending further investigation without access to the firm's systems and confidential information". She was working on acquisition deals for Mattress Firm and Stillwater Mining. Linklaters represented Steinhoff International Holdings NV, which in August 2016 said it was buying Mattress Firm.

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Fei Yan, 31, was arrested in MA after federal prosecutors in Manhattan accused him of trading past year on inside information about South Africa's Sibanye Gold Ltd planned $2.2 billion acquisition of Stillwater Mining.

To hide his illegal activity, prosecutors say, the Chinese national placed the trades in a brokerage account under his mother's name.

After the companies announced their proposed merger on December 9, Yan began selling Stillwater call options he had purchased, making a profit of $109,420, the complaint said. The SEC alleges Yan made over $9,700 from his Mattress Firm shares and nearly $110,000 from the Stillwater call options.

The day before, FBI investigators say Yan researched insider trading on his computer, including reading a news article with the title, "Want to Commit Insider Trading?"

The court papers allege the accused ran searches with phrases such as "how sec detect unusual trade" and "insider trading with worldwide account".

Yan, 31, has now been charged with multiple violations of the Securities Exchange Act of 1934, and the SEC is 'seeking disgorgement of ill-gotten gains plus interest and penalties as well as permanent injunctions'.

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