Ex-CME Software Engineer Admits to Trade-Secrets Theft

[InfoSec News <alerts () infosecnews org>]

http://www.businessweek.com/news/2012-09-19/ex-cme-group-software-engineer-admits-secrets-theft-u-dot-s-dot-says

By Andrew Harris
Bloomberg News
September 19, 2012

A former CME Group Inc. (CME) software engineer confessed to stealing 
trade secrets from his ex- employer, the operator of the world’s largest 
futures exchange.

Chunlai Yang, 49, who was indicted last year, pleaded guilty to two 
counts of trade-secrets theft today before U.S. District Judge John 
Darrah in Chicago.

Yang admitted to downloading more than 10,000 files containing source 
code for the CME Globex electronic-trading platform, acting Chicago U.S. 
Attorney Gary Shapiro said in a statement. The Libertyville, Illinois, 
resident is to be sentenced on Feb. 20. While Yang faces a top sentence 
of 10 years in prison on each count, nonbinding federal guidelines 
dictate a term of 70 to 87 months, according to his plea agreement.

“He did not intend any consequence for his actions,” Yang’s lawyer, 
Edward Genson, said in a phone interview. He called his client’s 
downloads “misguided.”

[...]

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