[ISN] Futures exchange software programmer in dramatic FBI arrest

From: InfoSec News <alerts_at_private>
Date: Mon, 11 Jul 2011 03:42:52 -0700 (MST)

By Leo King
Computerworld UK
July 7, 2011

A programmer at the Chicago Mercantile Exchange has been arrested by the 
FBI at his office and charged with stealing proprietary source code.

Chunlai Yang, 49, is accused of planning to steal proprietary software 
from the CME -- one of the world’s largest futures exchanges -- to sell 
to a Chinese start up that he ran. Details from emails he sent have 
already been made public in court.

Yang faces up to 10 years in prison, and a $250,000 (£156,000) fine if 
found guilty of the offence. He is being held in police custody after a 
detention hearing in a Chicago court yesterday. He had booked a ticket 
on a flight bound for China today. Yang has not made a public comment 
regarding the charges.

A naturalised American born in China, Yang joined CME eleven years ago. 
The exchange began to monitor his computer activity after he allegedly 
began transferring thousands of files, some onto USB memory sticks.


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Received on Mon Jul 11 2011 - 03:42:52 PDT

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