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Former Bristol-Myers Squibb Company (BMY) Executive Admits to Insider Trading



6/11/2013 6:54:26 AM

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A former Bristol-Myers Squibb Co (BMY.N) finance executive on Monday pleaded guilty to an insider trading charge, admitting to buying stock options in a biotechnology company that the drugmaker was preparing to buy. Robert Ramnarine, 46, admitted to one count of securities fraud for trading in Amylin Pharmaceuticals Inc options before Bristol-Myers agreed to buy that company last June for $5.3 billion, U.S. Attorney Paul Fishman in New Jersey said. Federal prosecutors had last August charged Ramnarine with three counts of securities fraud. They said he made $311,361 of illegal profit from August 2010 to July 2012 from options trading in Amylin and two other companies that Bristol-Myers sought to buy - Pharmasset Inc and ZymoGenetics Inc. The U.S. Securities and Exchange Commission filed a parallel civil fraud case against Ramnarine.

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