Westford Man Sentenced For Insider Trading

WESTFORD, MA – A Westford man who worked for a Cambridge-based biopharmaceutical company was sentenced for insider trading in federal court Tuesday. Songjiang Wang, 54, was convicted of sharing the results of successful clinical drug trials with his friend in an insider trading scheme.

His friend, 54-year-old Schultz "Jason" Chan, of Newton, also worked for a biopharmaceutical company in Cambridge. He was convicted of one county of conspiracy to commit securities fraud and three counts of securities fraud.

Authorities said Wang, the director of statistical programming at his company, and Chan, who served as director of biostatistics at a different company, traded insider information about successful drug trials from August 2013 to September 2015.

Wang traded on inside information Chan provided and tipped Chan off about the results of a Phase 3 clinical trial being conducted by his company, according to the U.S. Attorney's office. Wang also gave Chan cash, which was used to purchase stock shares of Wang's company.

Chan ultimately sold those shares and paid Wang back.

Wang was sentenced to six months in prison and one year of supervised release after being found guilty in July of one count of conspiracy to commit securities fraud and two counts of securities fraud. The judge also ordered Wang to pay a $50,000 fine and scheduled a forfeiture and restitution hearing for Nov. 30.

Previously: Westford Man Convicted Of Insider Trading

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