FDA chemist arrested for insider trading

An FDA chemist was arrested on Tuesday and charged with securities fraud related to insider trading on confidential information about upcoming announcements of FDA drug approval decisions. The Securities and Exchange Commission said Cheng Yi Liang illegally traded in advance of at least 27 public announcements about FDA decisions involving 19 publicly traded companies, generating over $3.6 million in illegal profits and avoided losses. Liang has worked at FDA's Office of New Drug Quality Assessment (NDQA) since 1996. ...