MIT research scientist arrested for insider trading

MIT research scientist arrested for insider trading

A Massachusetts Institute of Technology research scientist made $120,000 on two corporate merger bets he made using inside information he allegedly obtained from his wife, a corporate lawyer.

Yan, a citizen of China, had been employed as a post-doctoral associate in MIT's Research Laboratory of Electronics, according to Kimberly Allen, a spokeswoman for MIT.

A MA man has been arrested on federal charges of insider trading after he allegedly used information obtained from his wife - and then did several internet searches researching how to get away with it.

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.

CNBC reports that Yan's wife worked as an associate at the global firm Linklaters, which is based in London.

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In a related complaint, the Securities and Exchange Commission alleged Mr. Yan also made around $9,700 in profits from illegal trades tied to the acquisition of Mattress Firm Holding Corp.by Steinhoff International Holdings.

A court-appointed lawyer for Yan did not respond to requests for comment. The U.S. attorney's office is in discussions with the two defendants, Walter C. Little and Andrew M. Berke, about a possible disposition of the case, according to a court filing.

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.

The prosecution alleges that the Chinese national, in order to hide his illegal activity, had placed the trades in a brokerage account under his mother's name. The account continued purchasing call options until the deal was announced, prosecutors said.

In a court complaint, prosecutors said Yan used Google to search such phrases as "how sec detect unusual trade" and "insider trading with global account".

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