Ex-Linklaters lawyer denies knowledge of husband’s insider dealing
The husband of a lawyer at one of the UK’s elite law firms has pleaded guilty to fraud after admitting that he used information from his wife’s client work to make $120,000 through insider dealing.
Fei Yan, who was a research scientist at the Massachusetts Institute of Technology, confessed to using information taken from the work done by his wife, a lawyer with Linklaters, to facilitate the crime.
Menglu Wang was a corporate lawyer at the law firm’s New York office and had been married to Yan for less than a year when he was arrested.
Linklaters, one of the City of London’s so-called magic circle firms, suspended Wang in July when it emerged that her husband had been accused of using insider information regarding a mining company deal that she was instructed on.
Prosecutors said that in November last year Wang was working on the potential merger between South Africa’s Sibanye Gold and Stillwater Mining, which is based in Colorado.
Linklaters confirmed to The Times yesterday that Ms Wang had left the firm, although it would not comment on the circumstances.
After pleading guilty at a federal court in Manhattan on Monday, Yan, who will be sentenced in March, issued a statement saying that Wang had not been complicit in the crime.
“My wife, Menglu Wang, had no knowledge that I misappropriated or traded on the basis of this information. I knew what I was doing was wrong and I am deeply sorry, especially to my wife,” he said.
Ms Wang’s lawyer, Wayne Gosnell of the New York law firm Clayman & Rosenberg, said that the proceedings “demonstrate what Menglu has said all along — that she is completely innocent. She looks forward to moving on from this and returning to her legal career.”