SEC and SDNY charge ex-healthcare fund analyst JianQing Li over $350K insider-trading on drug-trial and placement data

On June 5, 2026 the SEC filed a civil complaint in the U.S. District Court for the Southern District of New York charging JianQing Li, a former analyst at an unnamed Manhattan-based, healthcare-focused registered investment adviser, with insider trading in the securities of at least twelve healthcare companies between February 2024 and October 2025. Through his employment Li had access to confidential information about the adviser's healthcare-company clients, including the terms of upcoming private placements and the results of clinical drug trials; the SEC alleges he misappropriated that material nonpublic information and traded ahead of public disclosures for his own benefit, generating more than $350,000 in illicit profits (some reporting cited a $320,000+ figure earlier). The complaint alleges violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 and seeks disgorgement, prejudgment interest, civil penalties and an officer-and-director bar. In a parallel criminal action filed the same day, the U.S.

Attorney's Office for the SDNY indicted Li on two counts of securities fraud. U.S. Attorney Jay Clayton said, 'Jianqing Li allegedly turned confidential information into more than $350,000 in illegal trading profits. Insider trading is unfair, and it's illegal. It harms our markets and our investors.' The FBI's New York Field Office and FINRA assisted; the case was assigned to U.S.

District Judge Lorna G. Schofield, with SEC staff including Kim Han, Janna Berke and Melissa Coppola. The case underscores continued aggressive policing of analyst access to pre-public clinical and capital-markets data.