The interesting question is whether the Liang case portends greater SEC attention to insider trading by government employees. There’s a lot of chatter these days about political intelligence, but that’s not this case. This is classic insider trading by somebody with access to confidential information. Moreover, it’s insider trading by a guy who made classic boneheaded errors.
Read more: SEC charges FDA employee with insider trading: One-off or trend? — Professor Bainbridge
