SEC Charges FDA Employee With Insider Trading
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The SEC charged an FDA chemist with insider trading, which generated more than $3.6 million in illicit profits.
SEC alleges that Cheng Yi Liang illegally traded on confidential information about upcoming announcements of FDA drug approval decisions.
Liang traded in advance of at least 27 public announcements about FDA drug approval decisions involving 19 publicly traded companies.
Liang went to great lengths to conceal his insider trading. He traded in seven brokerage accounts, none of which were in his name. One belonged to his 84-year-old mother who lives in China.
Some company stocks that were traded included POZEN, Inc. (Nasdaq: POZN), Mannkind (Nasdaq: MNKD), Vanda (Nasdaq: VNDA), Momenta (Nasdaq: MNTA) and Encysive (Nasdaq: ENCY) among others.
Link to illegal trades.
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SEC alleges that Cheng Yi Liang illegally traded on confidential information about upcoming announcements of FDA drug approval decisions.
Liang traded in advance of at least 27 public announcements about FDA drug approval decisions involving 19 publicly traded companies.
Liang went to great lengths to conceal his insider trading. He traded in seven brokerage accounts, none of which were in his name. One belonged to his 84-year-old mother who lives in China.
Some company stocks that were traded included POZEN, Inc. (Nasdaq: POZN), Mannkind (Nasdaq: MNKD), Vanda (Nasdaq: VNDA), Momenta (Nasdaq: MNTA) and Encysive (Nasdaq: ENCY) among others.
Link to illegal trades.
Get immediate access to market moving news and alerts with StreetInsider.com Premium - FREE TRIAL!
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