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{"actor":"system:backfill","investigation_id":"e2f840c9-94c6-44d0-8bed-68f8512c0ae9","kind":"publish","page_slug":"fan-yang-and-jing-tian","published_at":"2026-09-20T23:11:29.890Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Fan Yang and Jing Tian","sections":[{"content":"On September 15, 2026, Fan Yang (also known as Jocelyn Yang) and her husband Jing Tian each pleaded guilty to one count of conspiracy to commit securities fraud in U.S. District Court for the District of Columbia. The plea was entered before the court following an indictment that was unsealed on December 9, 2025. As part of their plea agreements, both defendants agreed to forfeit all traceable profits derived from the scheme pursuant to federal forfeiture laws. Sentencing is scheduled for January 15, 2027, and each defendant faces a maximum penalty of five years in prison. The case was prosecuted by Assistant U.S. Attorney Kevin Rosenberg and Special Assistant United States Attorney Rami Sibay, with the investigation led by the FBI Washington Field Office.","heading":"Guilty Plea and Charges","severity":"critical","sources":[{"credibility":1,"name":"DOJ Press Release: Husband and Wife Plead Guilty to Insider Trading Scheme","type":"regulatory","url":"https://www.justice.gov/usao-dc/pr/husband-and-wife-plead-guilty-insider-trading-scheme"},{"credibility":2,"name":"Carmel couple pleads guilty to insider trading charges — You Are Current","type":"news_article","url":"https://youarecurrent.com/2026/09/17/carmel-couple-pleads-guilty-to-insider-trading-charges/"},{"credibility":2,"name":"Husband and Wife Plead Guilty to Insider Trading Scheme — Congress Heights on the Rise","type":"news_article","url":"https://www.congressheightsontherise.com/blog/husband-and-wife-plead-guilty-to-insider-trading-scheme"}]},{"content":"Fan Yang joined Cummins Inc., an Indiana-based engine and power technology manufacturer, and served in roles including Corporate Development Manager and Strategy Finance Controller for approximately 12 years, departing in June 2022. Her position gave her access to material non-public information (MNPI) regarding confidential corporate transactions. Jing Tian was also employed at Cummins Inc., in a role as a mechanical integration leader in the company's Accelera division. Their shared employment at the same company placed both defendants within the scope of insider trading prohibitions.","heading":"Background: Roles at Cummins Inc.","severity":"high","sources":[{"credibility":2,"name":"Indiana couple accused of insider trading on $3.7B acquisition — The Indiana Lawyer","type":"news_article","url":"https://www.theindianalawyer.com/articles/indiana-couple-accused-of-insider-trading-on-3-7b-acquisition"},{"credibility":1,"name":"DOJ Press Release: Indiana Couple Charged in Indictment Filed in D.C. with Securities Fraud for Insider Trading","type":"regulatory","url":"https://www.justice.gov/usao-dc/pr/indiana-couple-charged-indictment-filed-dc-securities-fraud-insider-trading"}]},{"content":"Beginning in approximately October 2021, Yang began collecting material non-public information through her role at Cummins regarding the company's confidential negotiations to acquire Meritor Inc., a Michigan-based automobile component manufacturer, in a deal ultimately valued at approximately $3.7 billion ($36.50 per share). In breach of her fiduciary duties and the non-disclosure agreement she signed on December 16, 2021, Yang shared this confidential information with Jing Tian and at least five other individuals via the Chinese messaging platform WeChat. The tip network extended across Washington D.C., Virginia, Washington state, and overseas, and included at least two graduate students at Georgetown University and a trader based in China. Members of the network purchased stock and options contracts in Meritor based on the non-public information. In one WeChat message cited in court documents, Yang wrote to Tian: 'We have over 100,000 in there. If the acquisition is completed with 3.5b, we can get a Tesla. Trade in and don't need a loan haha.' Yang also reportedly told one recipient that the target company's stock was 'very likely to go up $10 per share.' The Cummins acquisition of Meritor was publicly announced on February 22, 2022, after which Meritor's stock surged approximately 44-48%. The scheme generated hundreds of thousands of dollars in collective illegal profits across all participants.","heading":"The Insider Trading Scheme","severity":"critical","sources":[{"credibility":1,"name":"DOJ Press Release: Indiana Couple Charged in Indictment Filed in D.C. with Securities Fraud for Insider Trading","type":"regulatory","url":"https://www.justice.gov/usao-dc/pr/indiana-couple-charged-indictment-filed-dc-securities-fraud-insider-trading"},{"credibility":2,"name":"Indiana couple accused of insider trading on $3.7B acquisition — The Indiana Lawyer","type":"news_article","url":"https://www.theindianalawyer.com/articles/indiana-couple-accused-of-insider-trading-on-3-7b-acquisition"},{"credibility":2,"name":"Indiana Couple Charged in Washington D.C. With Alleged Insider Trading Over $3.7 Billion Acquisition — Hoodline","type":"news_article","url":"https://hoodline.com/2025/12/indiana-couple-charged-in-washington-d-c-with-alleged-insider-trading-over-3-7-billion-acquisition/"}]},{"content":"According to reporting sourced from court documents, individual profits within the tip network included: Trader 1 — more than $178,000; Trader 3 — more than $144,000; Trader 4 — more than $86,989; Trader 4's mother — approximately $56,000. The profits of Yang and Tian themselves are not individually specified in public reporting, though the collective scheme generated 'hundreds of thousands of dollars' in illegal gains. As part of their guilty pleas, both Yang and Tian agreed to forfeit all traceable profits.","heading":"Known Profits by Participant","severity":"high","sources":[{"credibility":2,"name":"Indiana couple accused of insider trading on $3.7B acquisition — The Indiana Lawyer","type":"news_article","url":"https://www.theindianalawyer.com/articles/indiana-couple-accused-of-insider-trading-on-3-7b-acquisition"}]},{"content":"The user context framing this as a 'crypto insider trading' case appears to be inaccurate based on all available verified sources. No court filing, DOJ press release, or credible news report reviewed for this investigation identifies cryptocurrency as an instrument used in the scheme. The defendants are accused of trading traditional securities — specifically stock and options contracts in Meritor Inc. — on the basis of material non-public information. Communication among conspirators occurred via WeChat, a Chinese messaging application, and one tip recipient was based overseas. The scheme did not involve blockchain-based assets, decentralized exchanges, or cryptocurrency markets. AVOID.NET readers should note this distinction: this is a conventional securities fraud / insider trading case prosecuted by the U.S. Attorney's Office for the District of Columbia, not a crypto-asset enforcement action.","heading":"Clarification: Securities Fraud, Not Cryptocurrency","severity":"low","sources":[{"credibility":1,"name":"DOJ Press Release: Husband and Wife Plead Guilty to Insider Trading Scheme","type":"regulatory","url":"https://www.justice.gov/usao-dc/pr/husband-and-wife-plead-guilty-insider-trading-scheme"},{"credibility":2,"name":"Husband and Wife Plead Guilty to Insider Trading Scheme — NewsBreak","type":"news_article","url":"https://www.newsbreak.com/news/4892424183267-husband-and-wife-plead-guilty-to-insider-trading-scheme"}]},{"content":"As of September 2026, both Fan Yang and Jing Tian have entered guilty pleas but have not yet been sentenced. Sentencing is scheduled for January 15, 2027 before U.S. District Court for the District of Columbia. Each faces a statutory maximum of five years in prison. A conviction has not yet been entered by the court; sentencing remains pending. No other co-defendants have been publicly charged as of the date of this investigation, though court documents reference at least five unnamed additional participants in the scheme. There is no public information indicating that charges have been filed against the Georgetown University students or the overseas trader referenced in the indictment.","heading":"Pending Sentencing and Legal Status","severity":"high","sources":[{"credibility":1,"name":"DOJ Press Release: Husband and Wife Plead Guilty to Insider Trading Scheme","type":"regulatory","url":"https://www.justice.gov/usao-dc/pr/husband-and-wife-plead-guilty-insider-trading-scheme"},{"credibility":2,"name":"Carmel couple pleads guilty to insider trading charges — You Are Current","type":"news_article","url":"https://youarecurrent.com/2026/09/17/carmel-couple-pleads-guilty-to-insider-trading-charges/"}]}],"sources_used":[{"credibility":1,"name":"DOJ Press Release: Husband and Wife Plead Guilty to Insider Trading Scheme","type":"regulatory","url":"https://www.justice.gov/usao-dc/pr/husband-and-wife-plead-guilty-insider-trading-scheme"},{"credibility":1,"name":"DOJ Press Release: Indiana Couple Charged in Indictment Filed in D.C. with Securities Fraud for Insider Trading","type":"regulatory","url":"https://www.justice.gov/usao-dc/pr/indiana-couple-charged-indictment-filed-dc-securities-fraud-insider-trading"},{"credibility":2,"name":"Indiana couple accused of insider trading on $3.7B acquisition — The Indiana Lawyer","type":"news_article","url":"https://www.theindianalawyer.com/articles/indiana-couple-accused-of-insider-trading-on-3-7b-acquisition"},{"credibility":2,"name":"Carmel couple pleads guilty to insider trading charges — You Are Current","type":"news_article","url":"https://youarecurrent.com/2026/09/17/carmel-couple-pleads-guilty-to-insider-trading-charges/"},{"credibility":2,"name":"Indiana Couple Charged in Washington D.C. With Alleged Insider Trading Over $3.7 Billion Acquisition — Hoodline","type":"news_article","url":"https://hoodline.com/2025/12/indiana-couple-charged-in-washington-d-c-with-alleged-insider-trading-over-3-7-billion-acquisition/"},{"credibility":2,"name":"Husband and Wife Plead Guilty to Insider Trading Scheme — Congress Heights on the Rise","type":"news_article","url":"https://www.congressheightsontherise.com/blog/husband-and-wife-plead-guilty-to-insider-trading-scheme"},{"credibility":2,"name":"Husband and Wife Plead Guilty to Insider Trading Scheme — NewsBreak","type":"news_article","url":"https://www.newsbreak.com/news/4892424183267-husband-and-wife-plead-guilty-to-insider-trading-scheme"},{"credibility":2,"name":"Indiana Couple Charged with Securities Fraud — Crittenden Automotive Library (DOJ release mirror)","type":"news_article","url":"https://www.carsandracingstuff.com/library/articles/59536.php"}],"summary":"Fan Yang (also known as Jocelyn Yang), 35, and her husband Jing Tian, 36, of Carmel, Indiana, pleaded guilty on September 15, 2026 in U.S. District Court for the District of Columbia to conspiracy to commit securities fraud. Yang exploited material non-public information obtained through her role as Corporate Development Manager and Strategy Finance Controller at Cummins Inc. regarding the company's $3.7 billion acquisition of Meritor Inc., tipping her husband and at least five other individuals who traded on the information. The scheme involved traditional securities (stocks and options), not cryptocurrency; sentencing is scheduled for January 15, 2027, with a maximum penalty of five years in prison.","timeline":[{"date":"2021-10-01","event":"Fan Yang begins collecting material non-public information at Cummins Inc. regarding the company's confidential negotiations to acquire Meritor Inc.","source":"DOJ Indictment / The Indiana Lawyer","source_url":"https://www.theindianalawyer.com/articles/indiana-couple-accused-of-insider-trading-on-3-7b-acquisition"},{"date":"2021-11-01","event":"Yang and Tian execute purchases of Meritor securities; Yang begins tipping at least five additional individuals via WeChat, including Georgetown University graduate students and an overseas trader.","source":"DOJ Indictment / The Indiana Lawyer","source_url":"https://www.theindianalawyer.com/articles/indiana-couple-accused-of-insider-trading-on-3-7b-acquisition"},{"date":"2021-12-16","event":"Yang signs a non-disclosure agreement at Cummins related to the confidential acquisition talks.","source":"The Indiana Lawyer","source_url":"https://www.theindianalawyer.com/articles/indiana-couple-accused-of-insider-trading-on-3-7b-acquisition"},{"date":"2022-02-22","event":"Cummins Inc. publicly announces $3.7 billion acquisition of Meritor Inc. at $36.50 per share. Meritor stock surges approximately 44-48% on the announcement.","source":"The Indiana Lawyer / Hoodline","source_url":"https://hoodline.com/2025/12/indiana-couple-charged-in-washington-d-c-with-alleged-insider-trading-over-3-7-billion-acquisition/"},{"date":"2022-06-01","event":"Fan Yang departs Cummins Inc. after approximately 12 years with the company.","source":"The Indiana Lawyer","source_url":"https://www.theindianalawyer.com/articles/indiana-couple-accused-of-insider-trading-on-3-7b-acquisition"},{"date":"2025-12-09","event":"Indictment against Fan Yang and Jing Tian unsealed in U.S. District Court for the District of Columbia. Both charged with two counts of conspiracy to commit securities fraud.","source":"DOJ Press Release","source_url":"https://www.justice.gov/usao-dc/pr/indiana-couple-charged-indictment-filed-dc-securities-fraud-insider-trading"},{"date":"2026-09-15","event":"Fan Yang and Jing Tian each plead guilty to conspiracy to commit securities fraud in U.S. District Court for the District of Columbia. Both agree to forfeit all traceable profits.","source":"DOJ Press Release","source_url":"https://www.justice.gov/usao-dc/pr/husband-and-wife-plead-guilty-insider-trading-scheme"},{"date":"2027-01-15","event":"Sentencing scheduled for both defendants before U.S. District Court for the District of Columbia. Maximum penalty: five years in prison each.","source":"DOJ Press Release","source_url":"https://www.justice.gov/usao-dc/pr/husband-and-wife-plead-guilty-insider-trading-scheme"}]},"v":1}