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Alleged insider trader caught after Googling 'insider trading'

Alleged insider trader caught after Googling 'insider trading'

A 31-year-old engineering research associate at MIT was arrested on insider trading charges after allegedly Google searching the crime, Star Telegram reports.

Fei Yan, of Cambridge, Massachusetts, is accused of securities and wire fraud: he allegedly used information from his wife's law practice to make favorable stock trades that netted more than $100,000 in profit. After a hearing in federal court in Boston, authorities released Yan on a $500,000 unsecured bond. He could not immediately be reached for comment.

Federal prosecutors in Manhattan accused Mr Yan of trading a year ago on inside information concerning a planned $2.2 billion purchase of Stillwater Mining by South Africa's Sibanye Gold.

Yen setup a brokerage account using his mother's name and made several trades in Stillwater stock, all of which were profitable.

"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", Linklaters said.

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Authorities said that beginning in August, Yan's wife became involved in working on the Stillwater deal in her role as an associate in the NY offices of the law firm retained by Sibanye to represent it in the negotiations.

Yan also searched for phrases such as "insider trading in an worldwide account". The SEC had flagged Yan's trades as suspicious. Federal officials say he purchased 300 shares of Mattress Firm and about 700 call options for Stillwater, which he sold on the first trading day following each acquisition announcement.

His arrest was made in MA on Wednesday and he now faces charges of securities fraud and wire fraud.

"As alleged, some of these trades followed online research Yan conducted on how to avoid law enforcement detection, including an article entitled 'Want to Commit Insider Trading?"


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