On Monday, former Bristol-Myers Squibb Co executive admitted to the insider trading charges filed against him. He pleaded guilty to the trading charge and admitted guilty from buying stock options in a biotechnology firm that the drug company was planning to acquire.
The forty six year old Robert Ramnarine admitted single count of securities fraud for trading Amylin Pharmaceuticals Inc. options. This was prior the agreed date for Bristol-Myers to acquire the company last June. This was according to US lawyer Paul Fishman. The value was at US$5.3 billion
Last August, Ramnarine was charged with three counts of securities fraud.
The illegal profit made by the former executive allegedly amounted to US$311,361 from the Agust 2010 to July 2012 options trading in Amylin, Pharmasset Inc. and ZymoGenetics Inc.
A parallel civil fraud case was filed the US Securities and Exchange Commission against Ramnarine.
Bristol-Myers spokesman, Frederick Egenolf said that the company's employees are to follow the firm's securities trading policy.
Ramnarine's lawyer, Douglas Jenses refused to give comments.
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