May 10, 2017 05:33 AM
A Medina man pleaded guilty Tuesday to stealing trade secrets on his way out of a medical device company and using them to give his new company a leg up.
The office of acting U.S. Attorney Gregory Brooker said 46-year-old Christopher Barry pleaded guilty in U.S. District Court in St. Paul.
According to the guilty plea, Barry had been vice president of research and development at New Hope-based Lutonix, Inc., a company that develops, manufactures and sells drug-coated balloon medical products, from 2007 until May 2015.
That month, Barry accepted the CEO position at the medical device startup Urotronic, according to a release from Booker’s office. The company had been started by a former Lutonix employee.
According to the release, Barry stole numerous trade secret files from Lutonix with the intent of using the proprietary information in the new job. At the new post, Barry transferred the files from a portable hard drive onto his Urotronic computer. He also shared with his new colleagues multiple procedural documents containing Lutonix trade secrets, the release said.
At Lutonix, Barry was responsible for all research and development, quality assurance and manufacturing activities, the release states. He also was directly involved in developing the company’s primary product, a drug-coated balloon device called Lutonix 035 DCB.
The FBI, the IRS’ Criminal Investigation Division and the U.S. Postal Inspection Service investigated the case.
Updated: May 10, 2017 05:33 AM
Created: May 09, 2017 03:00 PM
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