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Thursday
FORMER BRISTOL-MYERS SQUIBB EXECUTIVE SENT TO PRISON FOR INSIDER TRADING
When Bristol-Myers Squibb ($BMY) wanted to take over a company, execs turns to Robert Ramnarine in their Princeton, NJ, office to do the confidential due diligence work on the target company's pension plan. But his plan for feathering his own nest with the insider information he picked up is leading to early retirement--in prison. Ramnarine was sentenced to one year and one day of jail time after pleading guilty to one count of securities fraud related to the ex-exec's purchase of options on Amylin stock as Bristol-Myers readied its $5.3 billion buyout last year. As Reuters reported, Ramnarine did a little online sleuthing on how insider trading is detected--evidently without realizing the Internet searches on insider trading can help make a case against you. READ MORE |