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Bristol-Myers Exec Charged with Insider Trading
Posted: 10:35 AM Aug 2, 2012
Reporter: AP
NEWARK, N.J. (AP) - The Securities and Exchange Commission has filed civil insider-trading charges against a Bristol-Myers Squibb executive who has also been charged by federal prosecutors.
The U.S. attorney's office in Newark, N.J., says Robert Ramnarine made more about $310,000 in profits buying and selling stock in companies that his pharmaceutical firm was considering buying.
The SEC is seeking a court order freezing the assets in Ramnarine's brokerage accounts, as well as other penalties.
As part of his job, Ramnarine was assigned to check out the pension plans of firms Bristol-Myers was considering buying. Prosecutors say he used that information to enrich himself.
A company spokesman says the 45-year-old East Brunswick resident has been placed on administrative leave.
He was arrested Thursday and is due to appear in federal court later in the day.
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