SEC v. Wang (insider trading, 2021)

Judgment entered

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In June 2021 the SEC announced a final consent judgment against former biopharmaceutical executive Sam Wang for exchanging clinical-trial tips with a friend at another company. He was enjoined, ordered to pay a $50,000 penalty and barred as an officer or director.

The record

What was ordered

Civil penalty

$50k

Disgorgement

—

Prejudgment interest

—

Total relief

$50k

Alleged gain

—

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The Securities and Exchange Commission announced the judgment on June 25, 2021 as litigation release 25122; the court entered it on June 9 in the District of Massachusetts.

The SEC alleged Wang and Jason Chan swapped confidential results of clinical trials run by their respective employers. Wang was also convicted in a parallel criminal case and sentenced to six months.

The disgorgement of $68,699 and interest of $13,738 on the earlier record were ordered against Chan in a separate action, not against Wang, and have been removed.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Insider trading — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2021-06-25 Litigation release published

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEC litigation release

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 10, 2026. submit a correction.