December 11, 2017

SEC Charges FDA Chemist With Insider Trading

The Securities and Exchange Commission (SEC) has charged a chemist that works for the U.S. Food and Drug Administration with insider trading, netting over $3.6 Million in illegal trading profits and proceeds by trading on privileged information ahead of important FDA drug announcements.


SEC Charges FDA Chemist with Insider Trading

SEC charges FDA chemist, Cheng Yi Liang, with insider trading.

The full text of the SEC press release can be read here:  SEC Insider Trading Press Release

The SEC charges allege that Cheng Yi Liang traded illegally ahead of at least 27 public announcements concerning FDA drug approval decisions about 19 publicly traded companies. The charges state that some announcements were about the FDA’s approval of new drugs and other announcements were negative FDA decisions.

Here is a rundown of the illegal trades alleged in the SEC charges:

Stock (Ticker Symbol), Trade Dates, FDA Results Announced Date, Profits (Or Losses Avoided)

Encysive (ENCY) July 3 – 24, 2006 July 24, 2006, 4:22 pm $75,361

Connetics (CNCT) Sept. 8 – 19, 2006 Sept. 19, 2006, 6:41 pm $15,700

Cornerstone (CRTX) Apr. 19 – May 14, 2007 May 14, 2007, 6:30 am $42,698

Cornerstone (CRTX) May 15 – 30, 2007 May 31, 2007, 7:00 am $50,750

Encysive (ENCY) June 1 – 14, 2007 June 15, 2007, 6:46 pm $150,324

Pozen (POZN) Aug. 1, 2007 Aug. 2, 2007, 8:31 am ($174,409)

Anesiva (ANSV) Aug. 2 – 16, 2007 Aug. 17, 2007, 6:30 am $1,324

Momenta (MNTA) Nov. 5, 2007 Nov. 6, 2007, 7:33 am $130,675

Pharmacyclics(PCYC) Dec. 20 – 21, 2007 Dec. 21, 2007, 7:00 pm $20,058

Progenics (PGNX) Jan. 9, 2008 Jan. 10, 2008, 8:00 am $5,500

Middlebrook (MBRK) Jan. 10 – 23, 2008 Jan. 24, 2008, 3:04 pm $267,047

Spectrum (SPPI) Feb. 27 – Mar. 7, 2008 Mar. 7, 2008, 5:44 pm $88,470

CV Therapeutics (CVTX) Mar. 14 – 27, 2008 Apr. 10, 2008, 7:18 pm $103,607

Pozen (POZN) Apr. 15, 2008 Apr. 15, 2008, 8:58 pm $75,007

Progenics (PGNX) Apr. 8 – 23, 2008 Apr. 24, 2008, 8:58 pm $463,761

Adolor (ADLR) May 2 – 20, 2008 May 20, 2008, 5:03 pm $46,485

Vanda (VNDA) June 24 – July 25, 2008 July 28, 2008, 6:30 am $88,828

Novadel (NVDL) Nov. 28 – Dec. 19, 2008 Dec. 22, 2008, 8:03 am $22,910

EPIX (EPIX) Nov. 24 – Dec. 18, 2008 Dec. 22, 2008, 3:02 pm $81,994

Vanda (VNDA) Mar. 30 – Apr. 29, 2009 May 6, 2009, 5:30 pm $1,040,809

Santarus (SNTS) Nov. 18 – 19, 2009 Dec. 1, 2009, 5:20 pm $26,820

Santarus (SNTS) Dec. 3 – 4, 2009 Dec. 4, 2009, 7:08 pm $9,287

Somaxon (SOMX) Mar. 18, 2010 Mar. 18, 2010, 11:30 am $119,643

Pozen (POZN) Apr. 26 – 30, 2010 Apr. 30, 2010, 4:59 pm $18,868

Momenta (MNTA) July 20, 2010 July 23, 2010, 10:48 am $85,428

Mannkind (MNKD) Jan. 4, 2011 Jan. 19, 2011, 3:34 pm ($60,047)

Clinical Data (CLDA) Jan. 6 – 21, 2011 Jan. 21, 2011, 5:52 pm $379,602

Alleged Illegal Profits or Losses Avoided TOTAL: $3,645,412


Ads

Speak Your Mind

*


*