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Securities Law

FDA Chemist Charged in $2.27M Insider Trading Case, Allegedly Used Password-Protected Gov’t Site

Posted Mar 29, 2011 5:23 PM CDT
By Martha Neil

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A chemist for the Food and Drug Administration and his son are accused of reaping $2.27 million in illegal profits from an insider-trading scheme that allegedly used information from a password-protected FDA site concerning pending drug applications.

Cheng Yi Liang, 57, and his son, Andrew, 25, face criminal conspiracy charges in federal court in Greenbelt, Md., according to the Associated Press.

An FBI press release provides further details about the case, as well as a related federal civil asset-forfeiture complaint that was filed in the District of Maryland.

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