CHICAGO (AP) – A former software engineer for a major U.S. trading-exchange company has pleaded guilty to stealing source code as he pursued a separate venture to improve electronic trading in China.
The U.S. attorney’s office in Chicago says the former CME Group employee, Chunlai Yang, pleaded guilty Wednesday to two counts of theft of trade secrets.
Prosecutors say the 49-year-old man worked for the Chicago-based CME for 11 years. He admitted downloading more than 10,000 files containing CME computer source code.
CME is the parent company of the Chicago Board of Trade and the Chicago Mercantile Exchange.
Yang’s sentencing date is Feb. 20. He faces a maximum 10-year prison term on each count.
A message seeking comment from Yang’s attorney wasn’t immediately returned.
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