Fan Yang and Jing Tian
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anchored·UL6hmz…DyDhSummary
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.
Connected Entities
1 entityNo connected entities recorded yet — this investigation is not currently linked to any other page in the index.
Timeline(8 events)
1 October 2021
Fan Yang begins collecting material non-public information at Cummins Inc. regarding the company's confidential negotiations to acquire Meritor Inc.
DOJ Indictment / The Indiana Lawyer1 November 2021
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.
DOJ Indictment / The Indiana Lawyer16 December 2021
Yang signs a non-disclosure agreement at Cummins related to the confidential acquisition talks.
The Indiana Lawyer22 February 2022
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.
The Indiana Lawyer / Hoodline1 June 2022
Fan Yang departs Cummins Inc. after approximately 12 years with the company.
The Indiana Lawyer9 December 2025
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.
DOJ Press Release15 September 2026
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.
DOJ Press Release15 January 2027
Sentencing scheduled for both defendants before U.S. District Court for the District of Columbia. Maximum penalty: five years in prison each.
DOJ Press ReleaseDecision Log
- hash: 4AcV9pVDBuHzS9CqaPsxWwaEou1iunHcE8nEUzcozMqn
This investigation is cryptographically anchored to the Solana blockchain (1 event). 7 of 8 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 9/20/2026, 11:11:18 PM
last updated: 9/21/2026, 4:52:40 AM
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