SEC: FDA's Liang tried to hide illegal stock trades
The Food and Drug Administration restricts what stocks employees can own, with good reason. Not only would it discourage the kind of insider trading that Cheng Yi Liang is accused of. It would prevent the more-damaging corruption of a rigged FDA approval process to boost some key employee's portfolio.
Cheng seemed to know this and, the SEC says, "went to great lengths to conceal his insider trading. He traded in seven brokerage accounts, none of which were in his name. One belonged to his 84-year-old mother who lives in China."
Liang is also being charged criminally, which, if these allegations are true, he should be.