The SEC charged JianQing Li, a former analyst at a New York-based investment adviser and private fund manager focused on healthcare, with trading in securities of at least twelve healthcare companies between February 2024 and October 2025. The SEC alleged Li misappropriated confidential information about upcoming securities offerings and clinical drug data after his employer was wall-crossed, generating more than $320,000 in illicit profits. The issuers were added to the adviser's Restricted List after agreeing to the wall-cross and signing a confidentiality agreement. However, Li flagrantly violated the pre-clearance and reporting requirements under the adviser’s Code of Ethics and the firm’s Insider Trading Policy, falsely stating each quarter that the information submitted was “true, accurate, and complete.” Li was charged in a parallel criminal action brought by the U.S. Attorney’s Office for the Southern District of New York.