2 friends convicted on charges of exchanging drug trial info
BOSTON (AP) — Two friends who worked at different pharmaceutical companies in Boston have been convicted of insider trading related charges.
Prosecutors say 54-year-old Songjiang Wang, of Westford, and 54-year-old Schultz “Jason” Chan, of Newton, were convicted Tuesday on multiple securities fraud charges. The U.S. attorney for Massachusetts says the two were friends and used their positions to exchange information about successful drug trials at their businesses. They then used those tips to purchase stock before the information was made public.
Authorities did not name the companies involved in court documents or in news releases. Both men were charged last year.
They face up to 20 years in prison at sentencing scheduled for October.