WASHINGTON - federal regulators Thursday expanded their civil insider trading charges against a chemist with the accused, the Food and Drug Administration, the use of the confidential information from FDA on pending the approval of the drug to take advantage of the pharmaceutical companies stock trades.
Cheng Yi Liang is face charges both civilian and criminal from a diagram from November 2007 to insiders running. He and his son were arrested in March on charges, including securities fraud, and fraud.
The Securities and Exchange Commission, said Thursday that it has filed a revised civil suit against Liang, alleging that he transferred illegally to advance a public announcement on the approval of the FDA from Horizant XenoPort Inc... It was the 28th announcement that the SEC said that exchanged Liang in advance, in addition to the 27 city in pursuit of the action agency in Federal Court in the Greenbelt, Maryland on March 29.
Costume revised agency "shows Liang was an illegal trade more in the pipeline when we" spokesman SEC John Nester said in a statement. "That trade expected not to be repaid until after that put us an end to his fraudulent scheme."
Horizant was developed to treat Restless legs syndrome. Liang has made more than $126,000 in profits on XenoPort stock, said the SEC. He is accused of making a total of $ 3.6 million in the trade regime.
Lawyer Liang, Andrew Carter, did not immediately return a telephone call seeking comment Thursday.
The SEC seeks unspecified restitution and fines against Liang.
Liang watched the status of the review of the Horizant FDA on a confidential database of at least 52 times between January 6 and March 24, the SEC said. He bought shares of XenoPort 43,000 in the accounts in the names of other people in February and March.
The announcement of the approval of Horizant came on 6 April, about a week after Liang was accused by the SEC and federal prosecutors. It stimulated the 56% XenoPort shares prices, according to the sec.
The new SEC complaint added a brokerage account eighth to those which, according to her, that Liang used to avoid getting caught. That one was for his father, the Agency said.
The Wall Street Journal reported Thursday that the Government has extended its investigation of insider trading to the FDA to cover other employees of the Government in addition to Liang. The magazine quoted familiar with the case of unidentified persons.
Nest has refused comment on the report.
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