Hong Wang, Insider Trading, Massachusetts 2023

Biostatistician Charged with Insider Trading, Earns Over $450,000

BOSTON – A New Jersey biostatistician has been charged with allegedly earning more than $450,000 through insider trading.

Hong Wang, 59, of East Brunswick, N.J., was charged in an indictment with three counts of securities fraud. Wang was arrested this morning at his home and will appear in federal court in Boston at a later date.

According to the indictment, Wang was a biostatistician who worked as a consultant for a Massachusetts pharmaceutical company (Company A). In 2023, during the course of his work for Company A, Wang allegedly obtained material non-public information about the fact that in December 2023, Company A planned to publicly announce positive test results concerning one of its cancer-treating drugs (the December Disclosure).

While in possession of this material non-public information, and in violation of his fiduciary duties to Company A, Wang allegedly bought shares of Company A in advance of the December Disclosure. Over a roughly 22-day period, Wang allegedly purchased more than 150,000 shares across several different brokerage accounts he controlled. Wang allegedly sold 20,000 shares after Company A made the December Disclosure and held the remainder of the shares.

The charges of securities fraud provide for a sentence of up to 20 years in prison, up to three years of supervised release and a fine of up to $5 million. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

The Securities and Exchange Commission has filed a civil complaint against Wang alleging violations of the securities laws.

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