Bristol-Myers Executive Charged With Insider Trading
FBI agents arrested Robert Ramnarine, a Bristol-Myers Squibbexecutive, on Thursday. He has been criminally charged with insider trading the call options of companies shortly before they were acquired, court papers show.
Ramnarine, an assistant director for capital markets in Bristol-Myers' office in Princeton, N.J., was arrested by agents at a suburban New Jersey home this morning.
A three-count criminal complaint was unsealed this morning. According the complaint, he made more than $311,000 in illegal profit.
The insider trading in question involved several stocks, including ZymoGenetics, Pharmasset and Amylin Pharmaceuticals.
Ramnarine will have his initial court appearance later this afternoon. It is unclear whether Ramnarine has hired a lawyer for his defense.
In his position at Bristol-Myers Squibb, he was responsible for conducting due diligence concerning the pension plans of the company's acquisition targets.
No immediate response from Bristol-Myers Squibb was available.
— By CNBC's Jim Forkin. Reuters contributed to this article.