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General Market Commentary
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General Precious Metals
MIT research scientist arrested for insider trading Stillwater Mining
BOSTON (Reuters) - A research scientist at Massachusetts Institute of Technology was arrested on Wednesday on charges that he engaged in insider trading based on information he obtained from his wife, a corporate lawyer working on a deal involving a mining company.
Fei Yan, 31, was arrested in Massachusetts after federal prosecutors in Manhattan accused him of trading last year on inside information about South Africa's Sibanye Gold Ltd planned $2.2 billion acquisition of Stillwater Mining.
The U.S. Securities and Exchange Commission in a related lawsuit accused Yan of netting $120,000 by placing trades ahead of the Stillwater deal and another merger based on information he obtained from his wife, an associate at a corporate law firm.