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[ISN] Futures exchange software programmer in dramatic FBI arrest


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 worldâs 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 (Â156,000) 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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