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[ISN] Futures exchange software programmer in dramatic FBI arrest
By Leo King
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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