Insider Trader Pleads Guilty in SeaGen Case
Luke Timmerman7/12/11
Zishen Fan, of Chino Hills, CA, pleaded guilty today in U.S. District Court in Seattle to charges that he traded on insider information on Seattle Genetics (NASDAQ: SGEN) in 2010, according to a statement from the U.S. Attorney’s Office for Western Washington. Fan’s brother, Zizhong “James” Fan, now deceased, was at the time a manager of clinical programming at Seattle Genetics, and was accused by securities regulators of providing tips to Zishen that enabled the brothers to make more than $700,000 on the nonpublic information, officials said. Zishen Fan could face up to 20 years in prison when he faces sentencing on Oct. 7.
