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Bristol-Myers exec charged with insider trading
Posted: Aug 2, 2012 8:11 AM by Associated Press, (CC)
Updated: Aug 2, 2012 8:11 AM
NEWARK, N.J. (AP) - A Bristol-Myers Squibb executive has been charged with insider trading.
The U.S. attorney's office in Newark, N.J., says Robert Ramnarine bought and sold stock in three companies that his pharmaceutical firm was considering buying. Authorities say his illegal trades made him about $310,000 in profits from 2010 through this year.
As director and later executive director of pension and savings investments, Ramnarine was assigned to check out the pension plans of firms under consideration for purchase.
In seeking permission from a brokerage to trade options, authorities say he claimed to work at Merck and Co., rather than Bristol-Myers, where he has been employed since 1997.
The U.S. attorney's office says he was arrested by the FBI on Thursday morning and is due in federal court in Newark later in the day.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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