Tuesday, March 29, 2011

FDA chemist, son charged with insider trading - Courant.com

WASHINGTON (Reuters) - A U.S. Food and Drug Administration chemist and his son were arrested and charged on Tuesday with using sensitive inside information from the agency to profit on drug approval decisions, U.S. authorities said.

Cheng Yi Liang and his son Andrew reaped more than $2.27 million involving five pharmaceutical companies between November 2007 and March 2011, including $1 million off the FDA's approval of Vanda Pharmaceutical's drug Fanapt, the Justice Department said.

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