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The Department of Justice announced in a press release that they are charging Fei Yan with insider trading charges. Fei Yan allegedly repeatedly traded on confidential corporate information obtained from his spouse, a lawyer at an international law firm. Some of these trades followed online research Yan conducted on how to avoid law enforcement detection. Some of the searches he used were "insider trading with international account", and "how sec detect unusual trade", as well as viewing an article entitled "Want to Commit Insider Trading? Here's How Not to Do It." Using his insider knowledge and search engine of choice, he bought Stillwater Mining options, making him a profit of approximately $109,420. Yan is also charged with Wire Fraud as he was using a brokerage account he had set up in his mothers name.
I'm surprised the wife isn't in some hot water as well for giving the insider info to the husband. But the lesson to take away from this is always use Incognito mode if you have to search how to commit a crime. I can't help but be reminded of the scene from Office Space.
YAN, 31, of Cambridge, Massachusetts, is charged with two counts of securities fraud and one count of wire fraud. The securities fraud counts carry a maximum sentence of 20 and 25 years in prison, respectively, and a maximum fine of $5 million and $250,000 respectively, or twice the gross gain or loss from the offense. The wire fraud count carries a maximum sentence of 20 years in prison and a maximum fine of $250,000, or twice the gross gain or loss from the offense. The statutory maximum sentences are prescribed by Congress and are provided here for informational purposes only, as any sentencing of the defendant would be determined by the judge.
I'm surprised the wife isn't in some hot water as well for giving the insider info to the husband. But the lesson to take away from this is always use Incognito mode if you have to search how to commit a crime. I can't help but be reminded of the scene from Office Space.
YAN, 31, of Cambridge, Massachusetts, is charged with two counts of securities fraud and one count of wire fraud. The securities fraud counts carry a maximum sentence of 20 and 25 years in prison, respectively, and a maximum fine of $5 million and $250,000 respectively, or twice the gross gain or loss from the offense. The wire fraud count carries a maximum sentence of 20 years in prison and a maximum fine of $250,000, or twice the gross gain or loss from the offense. The statutory maximum sentences are prescribed by Congress and are provided here for informational purposes only, as any sentencing of the defendant would be determined by the judge.
