Bristol-Myers Squibb Exec. Busted on Insider Trading
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Photodisc/Digital Vision/Thinkstock(NEWARK, N.J.) — An executive at the pharmaceuticals giant Bristol-Myers Squibb Co. was arrested Thursday for insider trading.
It was part of Robert Ramnarine’s job to evaluate potential acquisitions for Bristol Myers Squibb so prosecutors say he had access to inside information. They also say he traded on it and generated hundreds of thousands of dollars in illicit profits.
And apparently Ramnarine, 45, of East Brunswick, N.J., considered whether what he was doing was illegal. Court records say he searched on Yahoo terms like “insider trading options trace” and he looked up articles about insider trading violations.
If he’s found guilty Ramnarine faces 20 years in prison and a $5 million fine.
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