FDA Chemist Settles Insider Trading Suit For $4M

Law360, New York (November 28, 2011, 5:59 PM EST) -- A U.S. Food and Drug Administration chemist charged with making trades using private information about companies with pending drug applications agreed to pay $3.7 million on Monday to settle the U.S. Securities and Exchange Commission's civil case.

Cheng Yi Liang, who pled guilty on Oct. 18 to one count each of securities fraud and making false statements in a criminal case brought by the U.S. Department of Justice, neither admitted nor denied the SEC’s related claims against him, according to a motion to approve consent judgment...
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