Wednesday, March 30, 2011
David S. Hilzenrath, The Washington Post
David S. Hilzenrath, The Washington Post
FDA Chemist Busted For Insider Trading
Food and Drug Administration chemist Cheng Yi Liang has been charged by the government for illegally trading medical screening information in advance of at least 27 FDA announcements since 2006, reaping profits or avoiding losses of more than $3.6 million
[WAPO] Liang, 57, was arrested at his Gaithersburg home early Tuesday, along with his son Andrew Liang, 25, who is accused of participating in the scheme.
The case is part of a broader federal crackdown on insider trading that stretches from California’s Silicon Valley to Manhattan, where a hedge fund billionaire is currently on trial for allegedly trading on such precious secrets as confidential information about a dealinvolving Wall Street powerhouse Goldman Sachs and investment sage Warren Buffett. (Buffett is a director of The Washington Post Co.)
Read Full The Washington Post Article
Posted by Editor on 03/30/11 at 09:09 AM •
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