LOS ANGELES (LALATE) – Robert Ramnarine, a Bristol-Myers executive, has been charged with insider trading. Ramnarine serves as Bristol-Myers Squibb Co. (BMY)’s executive director of pensions and savings investments. He is charged by federal prosecutors today with alleged insider trading concerning stock options.
The Federal Bureau of Investigation assert that Ramnarine bought stock options in three companies that Bristol-Myers sought to purchase. The complaint asserts those companies were ZymoGenetics Inc., Pharmasset Inc. and Amylin Pharmaceuticals Inc.
The FBI claims that Ramnarine’s work duties required him to research the pension plans of each of the companies. But U.S. Attorney Paul Fishman claims that the executive allegedly made $311,361 but buying stock options in the three companies at the same time. Eventually, the Bristol Myers bought three of the two companies. It purchased ZymoGenetics two years ago and Amylin last year.
The 45 year old executive has yet to comment to news about the matter. He will appear in a federal court Newark, New Jersey today after being arrested this morning reportedly at his residence. Bristol-Myers Squibb has yet to comment about the matter.