Bristol-Myers Squibb Co. executive Robert Ramnarine was chargedwith insider trading for making $311,361 in illegal profit bybuying stock options in three companies targeted foracquisition.
The FBI arrested Ramnarine, 45, and he appeared today in federalcourt in Newark, New Jersey, where he was released on $250,000bond. Ramnarine's jobs included executive director of pensions andsavings investments and assistant treasurer for capitalmarkets.
He helped the New York-based drugmaker evaluate whether to buytargeted companies, including ZymoGenetics Inc., Pharmasset Inc.and Amylin Pharmaceuticals Inc., the Federal Bureau ofInvestigation said. As he conducted due diligence on pension andsavings plans of those companies, he also bought options in allthree, violating his duty not to profit from inside information,according to the FBI.
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