By Justine Espersen
A Bristol-Meyers Squibb Co. executive was arrested today after being charged with civil insider trading by the Securities and Exchange Commission.
Robert Ramnarine illegally made $311,361 in profits buying and selling stocks in companies his pharmaceutical firm was considering buying, according to the Newark, N.J., U.S. attorney office.
Ramnarine, 45, who began working at Bristol-Myers in 1997, was arrested Thurs. morning by the FBI and is expected to appear in federal court later today.
The East Brunswick resident’s job included executive director of pensions, savings investments and assistant treasurer for capital markets.
“He was privy to inside company information concerning such transactions, as well as inside company information of BMS’s acquisition targets. The fact that, Bristol-Myers Squibb were looking to acquire the targets that Romnarine brought and sold stock in is what lead up to the criminal complaint and subsequent arrest, according to Bloomberg News.
According to the New York-based drug maker in an email to the Associated Press, Ramnarine had been on administrative leave and is cooperating with the investigation.
In addition, with the arrest of their executive, Bristol-Myers shares were down 7 percent at $33.07 Thurs., as the company stopped a key clinical trial for a hepatitis C drug candidate. This was due to a “serious safety issue.”