Former Index Manager and Sushi Restaurant Owner Ordered to Pay Civil Monetary Penalty in SEC Insider Trading Case

Yinghang has been found guilty of a number of crimes by the U.S. District Court for the Eastern District of New York. “James” Yang and Yuanbiao in an insider-trading case brought by Securities and Exchange Commission. Yang, who was a senior index manager and Chen, the owner of a sushi restaurant, were both banned from violating federal securities law. Chen also has to pay a $246,000 civil monetary fine.

According to the SEC complaint, between June and Oktober 2019, Yang and Chen bought call or put options on publicly traded companies just before announcements about these companies being added or removed from popular market indexes. Yang, through his job, had access to the information and allegedly used it for profitable trades. The defendants allegedly used Chen’s brokerage account to conceal their trading activity from Yang’s employer who required the disclosure of all employee brokerages accounts. Total illicit profits were approximately $912082.

The final judgments that were handed down against Yang and Chen prohibit them permanently from violating Rule 10b-5, Section 10b of the Securities Exchange Act of 1939 and Section 10b of Securities Exchange Act of 1934. Chen is also required to pay $246,000 in civil monetary penalties.

In a separate criminal action brought by the U.S. Attorney’s Office of Eastern District of New York on Yang’s behalf, Yang was already sentenced to time spent followed by an year of supervised released, three month’s home detention and 100 hours of community work, as well as mandatory financial disclosures made to Department of Probation. A $100 special assessment was also assessed. The Court also issued a forfeiture against Yang in relation to the illicit profits of $912,082.

Mary Kay Dunning handled the SEC litigation under the supervision and Alexander Vasilescu, Sheldon L. Pollock. The SEC thanks the U.S. Attorney’s Office of the Eastern District of New York, as well as the Federal Bureau of Investigation for their assistance in this case.

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