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Medical News & Perspectives
July 8, 1998

SEC Slaps Another Researcher for Insider Trading

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JAMA. 1998;280(2):124. doi:10.1001/jama.280.2.124-JMN0708-3-1

THE SECURITIES and Exchange Commission (SEC) has accused another biomedical researcher of illegally profiting on the stock market by using insider information about biomedical products.

On June 17, the SEC announced that Changnian Liu, PhD, of Omaha, Neb, has agreed to a permanent injunction from future violations of the antifraud provisions of the federal securities laws. In a consent agreement neither admitting nor denying allegations, the former researcher for the biotechnology company Immunogen Inc, of Norwood, Mass, has also agreed to give up $41700 of illegal trading profits plus $6633 in prejudgment interest and to pay a civil monetary penalty of $41700, the SEC said.

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