CME programmer charged by FBI with stealing trade secrets

Reuters reported on Saturday that Chunlai Yang, a 49-year-old Chinese national with U.S. citizenship, was arraigned in U.S. District Court on federal charges of stealing proprietary source code.

According to the FBI, Yang had access to the company's proprietary software for electronic trading systems and had downloaded files to his office computer he was not supposed to have. The FBI did not name CME Group as the employer but CME confirmed Yang worked there and was terminated after the possible wrong-doing was discovered according to Reuters.

In a statement CME Group said, “CME Group places a high value on protecting its intellectual property and trade secrets. As soon as the company became aware of and confirmed the suspicious activities of one of its employees, CME Group cooperated with law enforcement authorities and moved to terminate the individual's employment. As a result, the individual charged with theft of CME Group confidential information is no longer employed by CME Group. The company has found no evidence that customer information, trading data or required regulatory information was compromised. In light of the pending law enforcement proceedings, CME Group has no further comment on this matter.

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