FDA exec, son in scam
An FDA chemist and his son were charged yesterday with using inside info to reap $2.27 million profit in illegal trades based on drug approvals.
Cheng Yi Liang and his son Andrew used several brokerage accounts for the swindle, including $1 million off the FDA’s OK of Vanda Pharmaceutical’s Fanapt, the DOJ said.
Also yesterday, the SEC accused the two of grabbing $3.6 million via illegal trading in advance of at least 27 public reports.
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