August 30, 2012 in Business

Woman gets 4 years for stealing secrets

From Wire Reports

CHICAGO – A federal judge sentenced a Chinese-born American Wednesday to four years in prison for stealing millions of dollars in trade secrets from Motorola, describing her as a soft-spoken, unassuming woman who carried out a “very purposeful raid” on the company in the dead of night.

Hanjuan Jin’s lawyers had argued that she took the files merely to refresh her knowledge after a long absence from work and was not spying for China.

But U.S. District Judge Ruben Castillo said it was important to send a message that would deter others with access to trade secrets from siphoning off vital information.

“In today’s world, the most valuable thing that anyone has is technology. … The most important thing this country can do is protect its trade secrets,” Castillo said.

Jin, who worked as a software engineer for Motorola Inc. for nine years, was stopped during a random security search at Chicago’s O’Hare International Airport on Feb. 28, 2007, before she could board a flight to China. Prosecutors say she was carrying $31,000 and more than 1,000 confidential Motorola documents.

Yelp stock boom result of loyal insiders

SAN FRANCISCO – Yelp’s early backers apparently still have a high opinion of the online business review service, much to Wall Street’s relief, after insiders at several other Internet companies dumped some of their shares at the first opportunity.

A Wednesday increase of more than 22 percent in Yelp’s stock price signaled the company’s major shareholders are holding on to their stakes instead of seizing on a chance to reap the gains that have accumulated from investments made before the 8-year-old service went public in early March.

The first selling window for Yelp’s insiders opened Wednesday with the expiration of a rule requiring them to hold on to their stock for 180 days after the company completed its initial public offering.

Chevy Volt eclipses monthly sales record

DETROIT – General Motors says sales of its Chevrolet Volt electric car will break a monthly record in August.

The company says it already has sold more than 2,500 Volts this month with two days left. The old record was 2,000 in March.

A spokeswoman says about one-third of the sales are in California, where Volt owners can drive alone in carpool lanes. She says sales are growing in other states.

So far this year GM has sold more than 13,000 Volts. The car can go about 35 miles on battery power before a small gas generator kicks in to keep it moving.

Thoughts and opinions on this story? Click here to comment >>

Get stories like this in a free daily email