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Pfizer Inc. Message Board

  • buffetmunger buffetmunger Jun 10, 2013 6:40 PM Flag

    Ex-Bristol-Myers executive admits to insider trading

     

    Ex-Bristol-Myers executive admits to insider trading

    A former Bristol-Myers Squibb Co. executive has admitted to trading on confidential information ahead of the drug maker’s acquisition of Amylin Pharmaceuticals Inc., according to the U.S. Attorney for the District of New Jersey.

    Robert Ramnarine, of East Brunswick, N.J., pleaded guilty before U.S. District Judge Anne E. Thompson in Trenton federal court to securities fraud.

    He wasn’t immediately available for further comment.

    According to court documents and statements, Ramnarine worked for Bristol-Myers BMY -0.40% for 15 years until August of last year. He held various senior roles at the company, including director of pensions and savings investments and assistant treasurer for capital markets, and was involved in evaluating potential acquisition targets for Bristol-Meyers.

    During May and June last year, Ramnarine allegedly traded on material, nonpublic information regarding the potential acquisition of Amylin Pharmaceuticals, a publicly traded company at the time.

    Last year, Bristol-Myers paid $5.3 billion for the diabetes specialist and took on an additional $1.7 billion in debt.

    Ramnarine allegedly reaped substantial profits by trading in Amylin stock options shortly before Bristol-Myers announced plans to acquire Amylin last June.

    As part of his plea, Ramnarine admitted that for purposes of sentencing, his relevant criminal conduct includes $311,361 in illicit gains he made from trading in stock options of not only Amylin, but also several other Bristol-Myers acquisition targets — ZymoGenentics Inc. and Pharmasset Inc., according to the statement.

    He faces a maximum potential penalty of 20 years in prison and a fine of $5 million. Sentencing is scheduled for

    This topic is deleted.
 
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