Husband and Wife Plead Guilty to Insider Trading Scheme

Tuesday, September 15, 2026

WASHINGTON - Fan Yang, also known as "Jocelyn Yang," 35, and her husband, Jing Tian, 36, of Carmel, Indiana, pleaded guilty today in U.S. District Court to charges arising from an insider trading conspiracy, announced U.S. Attorney Jeanine Ferris Pirro.  

“Fan Yang abused her corporate position by tipping confidential, market‑moving information about a multi‑billion‑dollar acquisition, fueling an insider trading scheme that gave herself, her husband Jing Tian, and others an unfair advantage over the investing public,” said U.S. Attorney Pirro. “Insider trading destroys confidence in our markets. We are committed to safeguarding market integrity and ensuring that individuals who exploit their access for personal gain are held fully accountable.” 

Yang and Tian pleaded guilty before Judge James E. Boasberg to conspiracy to commit securities fraud. As part of their plea agreements, both defendants have agreed to forfeit all traceable profits derived from the scheme pursuant to federal forfeiture laws.  The pair face a maximum of five years in prison when they are sentenced on January 15, 2027.   

According to court documents, Yang was employed as a Corporate Development Manager and Strategy Finance Controller at a manufacturer headquartered in Indiana. Beginning in late 2021, Yang obtained material non-public information (MNPI) through her position regarding the company’s confidential negotiations to acquire a Michigan-based automobile component manufacturer for $3.7 billion.  

In breach of her fiduciary duties, Yang used this confidential information for her own financial benefit and illegally tipped the information to her husband, Tian, who was also employed at the same manufacturing company. Yang and Tian, knowing the information was confidential, executed securities trades and tipped third parties.  

The conspiracy resulted in illicit trading across multiple individuals—including individuals in Washington, D.C., Virginia, Washington state, and overseas—who collectively generated hundreds of thousands of dollars in illegal profits prior to the public announcement of the acquisition on February 22, 2022. In one WeChat message exchanged during the scheme, Yang calculated that their unlawful profits would be enough to buy a Tesla without needing a loan.   

The prosecution is being handled by Assistant U.S. Attorney Sridhar Kaza of the Fraud, Public Corruption, and Civil Rights Section of the U.S. Attorney’s Office for the District of Columbia.  

The case was investigated by the FBI Washington Field Office.