Ex-Bristol-Myers exec admits insider trading in NJ

AP News
Posted: Jun 10, 2013 4:43 PM

TRENTON, N.J. (AP) — Federal prosecutors in New Jersey say a former executive for biopharmaceuticals company Bristol-Myers Squibb has admitted using his high-level position and access to nonpublic information to make about $310,000 from insider trades.

Robert Ramnarine pleaded guilty Monday to securities fraud. The 46-year-old East Brunswick resident faces up to 20 years in prison and a $5 million fine when he's sentenced in September.

Ramnarine worked at the New York City-based company from 1997 to August 2012, holding several high-level positions. He was involved in evaluating potential acquisition targets including publicly traded companies and was privy to inside company information concerning such transactions.

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Authorities say he abused that knowledge in three planned corporate transactions and made illegal stock option trades.

The Bristol-Myers Squibb Co.'s products include Plavix, for preventing blood clots and strokes.