Prosecutors say 54-year-old Songjiang Wang, of Westford, and 54-year-old Schultz "Jason" Chan, of Newton, were convicted Tuesday on multiple securities fraud charges. The U.S. attorney for Massachusetts says the two were friends and used their positions to exchange information about successful drug trials at their businesses. They then used those tips to purchase stock before the information was made public.
Authorities did not name the companies involved in court documents or in news releases. Both men were charged last year.
They face up to 20 years in prison at sentencing scheduled for October.
Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.