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FDA Chemist, Son Charged With Insider Trading

March 31, 2011
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The Associated Press reports, a chemist with the Food and Drug Administration and his son are facing insider trading charges. Cheng Yi Liang and his son, Andrew Liang, were arrested in Maryland, accused of participating in an alleged $2.27 million insider trading scheme. A criminal complaint charges them with conspiracy to commit securities and wire fraud and other offenses. Prosecutors say the elder Liang and his son illegally traded in the securities of companies with pending drug applications by using confidential information from a password-protected FDA tracking system. The two allegedly bought cars and paid for travel with the proceeds of the scheme.

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