FDA Chemist Faces New Charges Before Possible Plea Deal

Law360, New York (September 26, 2011, 10:39 PM EDT) -- U.S. Food and Drug Administration chemist Cheng Yi Liang was hit with additional charges Monday over his alleged $3.7 million insider trading scheme involving pharmaceutical stocks, a development that prosecutors had previously indicated would come before a plea agreement.

Prosecutors filed a criminal information in Maryland federal court charging Liang with one count of insider trading and one count of false statements, accusing him of using nonpublic information to buy and sell stocks of companies whose drug applications were pending with the FDA between 2006 and...
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