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CHICAGO - A CHEMIST pleaded guilty on Wednesday to stealing trade secrets valued at up to US20 million dollars (S$27 million) from an Indiana paint company as he prepared to start a new job with a Chinese company, court documents showed.
David Yen Lee, a naturalised US citizen born in Taiwan, admitted to downloading approximate 160 secret formulas for paints 'with the intent to convert a trade secret to the economic benefit of someone other than the owner,' a plea agreement said.
Mr Lee, 54, worked as a technical director in Valspar Corp's architectural coatings group from 2006 until March 16, 2009, when he resigned after accepting a job as vice president of technology and administrator of research and development at competitor Nippon Paint in Shanghai.
He began negotiating with Nippon Paint in September 2008 and accepted the job on February 27, 2009.
He admitted to downloading the paint formulas, sales and cost data and other trade secrets beginning in November 2008.
A spokesman for the prosecutor's office declined to say if the secrets were ever handed over to Nippon Paint. Mr Lee is expected to be sentenced to between 57 and 71 months in jail. - AFP.
David Yen Lee, a naturalised US citizen born in Taiwan, admitted to downloading approximate 160 secret formulas for paints 'with the intent to convert a trade secret to the economic benefit of someone other than the owner,' a plea agreement said.
Mr Lee, 54, worked as a technical director in Valspar Corp's architectural coatings group from 2006 until March 16, 2009, when he resigned after accepting a job as vice president of technology and administrator of research and development at competitor Nippon Paint in Shanghai.
He began negotiating with Nippon Paint in September 2008 and accepted the job on February 27, 2009.
He admitted to downloading the paint formulas, sales and cost data and other trade secrets beginning in November 2008.
A spokesman for the prosecutor's office declined to say if the secrets were ever handed over to Nippon Paint. Mr Lee is expected to be sentenced to between 57 and 71 months in jail. - AFP.
