Cheng Yi Liang, a chemist who has worked for the FDA since 1996, acknowledged using the database to find out when the FDA would make announcements regarding new drugs and what the agency’s decision would be. In some cases, when an application was about to be approved, he would buy shares of the company’s stock. When the stock went up after the drug’s approval was announced, Liang would sell the stock at a profit.
Read more: FDA chemist pleads guilty to insider trading — AP
