Two friends and biotech colleagues with a passion for insider info - feds charge Merrimack staffer
According to the feds, Songjiang Wang and Schultz ‘Jason’ Chan were friends who shared a common passion for drug data and insider trading.
On Tuesday, though, Wang was arrested on charges that he and Chan had been swapping insider info on their two companies, Merrimack Pharmaceuticals $MACK and Akebia $AKBA, both based in Cambridge, MA.
Chan was charged last June with insider trading by the SEC, which outlined a scheme in which he tipped off his wife and an unnamed friend — Wang, who had loaned Chan $80,000 — about some positive data that was about to be reported by Akebia. They allegedly made a $288,000 profit on that deal, which happened just days after Chan started working at Akebia as director of biostatistics.
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