New Jersey man pleads guilty to trade secret theft
Criminal Law
A New Jersey man who was a chemist for a suburban Chicago-based paint company has pleaded guilty to stealing trade secrets.
Federal prosecutors say 54-year-old David Yen Lee of Jersey City, N.J., pleaded guilty Wednesday. They say he admits to stealing formulas and information that was valued at up to $20 million. He formerly was a technical director at Valspar Corp.
Prosecutors say Lee stole the information from Valspar as he was preparing to work for a competitor in China. Lee formerly lived in Arlington Heights. Federal officials say he stole secret formulas for paints and coatings from Valspar's offices in Wheeling.
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