Newark, New Jersey A Bristol-Myers Squibb executive is being held on $250,000 bail following his arrest on insider trading charges.
New Jersey’s US attorney says Robert Ramnarine bought and sold stock in companies that his pharmaceutical firm was considering buying.
The Securities and Exchange Commission also has filed civil insider-trading charges against him. The agency is seeking to freeze his brokerage account assets, as well as other penalties.
Prosecutors allege Ramnarine made more about $310,000 in profits buying and selling stock. They say he based trades on inside information from his job checking out the pension plans of firms Bristol-Myers was considering buying.
A company spokesman says the 45-year-old East Brunswick resident has been placed on administrative leave.
Ramnarine declined to comment through a court-appointed attorney. Bail was set at a Thursday afternoon hearing.
