Justice Department Convicts New York Person For Stealing General Electric Trade Secrets For China

The U.S. Justice Department said that a New York man was convicted for conspiring to steal General Electric Company's GE trade secrets to benefit China.
Xiaoqing Zheng was sentenced to two years of prison for conspiracy to commit economic espionage following a four-week jury trial that ended in March last year.
District Judge also sentenced Zheng to pay a $7,500 fine, Reuters reported, and serve one year of post-imprisonment supervised release.
U.S. officials have said the Chinese government poses the most significant long-term threat to U.S. economic and national security, Reuters reported, while China denies the allegations.
At GE Power in Schenectady, New York, Zheng was employed as an engineer specializing in turbine sealing technology. He worked at GE from 2008 until the summer of 2018, the Justice Department said.
The trial evidence showed Zheng and others in China conspired to steal GE's trade secrets surrounding its ground-based and aviation-based turbine technologies.
The U.S. accused the former GE engineer and another Chinese businessman in 2019 of stealing secrets and spying on GE. Zheng had pleaded not guilty at the time.
A U.S. federal court in Cincinnati sentenced a Chinese national in November to 20 years in prison after he was convicted of plotting to steal trade secrets from several U.S. aviation and aerospace companies.
Price Action: GE shares are down 19.2% at $68.69 on the last check Wednesday.

Overview Rating:

Good

100

0100