A fake Rabbi in East Windsor, NJ plead guilty for being a pedophile and received ZERO days in prison as a result. He’ll be getting 5 years probation — because abusing children isn’t a big deal in this country.
Fei Yan (31), a brilliant research scientist at MIT, got caught in a few insider trading violations, after googling “how sec detect unusual trade” and “insider trading with international account”. I wonder if the courts will be as forgiving as was the case with the rabbi?
The 31-year-old Chinese citizen got the information from his wife, who was an associate at a law firm that worked on the deals, the SEC charged in a complaint filed Wednesday. He then tried to hide the transactions by placing the trades through a brokerage account in the name of his mother, who lives in China, the complaint charged.
After flagging the trades as suspicious through data analysis, the SEC traced them back to Yan.
He subsequently visited web pages about the Wall Street regulator’s “detection and enforcement efforts with respect to insider trading” and related to the SEC’s “insider trading enforcement actions with international dimensions,” the complaint alleged.
Although Yan tried to hide his tracks, “we identified the profitable trades in deals advised by the same law firm and traced them back to him,” Joseph Sansone, co-chief of the SEC’s Market Abuse Unit, said in a statement.
Mr. Yan made ‘illicit gains’ in his victimless crime by trading in Mattress Firm and Stillwater Mining. He made a total sum of $120,000 on the two transaction — with information gleaned from his wife’s job. He tried to mask the trades using his Mother’s name, who lives in China on the account. It failed, partly thanks to Google (go team GOOGL!). Now the SEC and the Southern District of New York will ensure that his life is ruined.
Joon Kim, the Acting U. S. Attorney for the Southern District of New York, smugly said that the answer to Yan’s google searches is: “There is no proper way to commit insider trading.”
Yan’s wife has been fired from her job, his mother Rongxia Wu charged by the SEC as a relief defendant, and he’s out on $500,000 bail awaiting trial so that he could proceed into a dank prison cell for a number of years.
It’s the law, children. Don’t argue with them and avoid insider trades. They’re bad, very bad — worse than abusing children.If you enjoy the content at iBankCoin, please follow us on Twitter