CME Group Employee Accused of Stealing Source Code for Start-Up
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A CME Group Inc. employee was charged by the U.S. with stealing trade secrets from the world’s largest futures exchange for a Chinese start-up company in which he was to hold a financial stake.
Chunlai Yang, 49, of Libertyville, Illinois, has been in federal custody since his July 1 arrest on a single theft-of-trade-secrets count, punishable by as long as 10 years in prison, according to the U.S. Federal Bureau of Investigation. He appeared for a detention hearing today before U.S. Magistrate Judge Michael T. Mason in Chicago. The hearing is scheduled to continue on July 8.