A former analyst at a New York-based asset manager is facing insider trading charges involving 12 health care companies based on confidential information — including the results of clinical trials and the details of upcoming securities offerings, among other things.
The U.S. Securities and Exchange Commission (SEC) filed a complaint against JianQing Li, alleging that he traded while in possession of inside information about 12 companies, including a pair of Canadian firms — Mind Medicine Inc. which is a British Columbia company headquartered in New York, and Toronto-based Cybin Inc. — between February 2024 and October 2025.
According to the SEC’s complaint, Li had access to confidential information through his role at a registered investment advisor focused on the health care sector, which he allegedly misappropriated and traded on before the information became public. That trading allegedly generated more than US$320,000 in illicit profits.
In a parallel criminal action, Li was also charged with two counts of securities fraud by the U.S. attorney’s office for the Southern District of New York (SDNY) in connection with the same allegations.
The allegations have not been proven, and he is presumed to be innocent of the criminal charges.
In its complaint, the SEC is seeking a permanent injunction, disgorgement and civil penalties, among other sanctions.