The Associated Press
TRENTON, N.J. - Federal prosecutors in New Jersey say a former executive for biopharmaceuticals company Bristol-Myers Squibb has admitted using his high-level position and access to nonpublic information to make about $310,000 from insider trades.
Robert Ramnarine pleaded guilty Monday to securities fraud. The 46-year-old East Brunswick resident faces up to 20 years in prison and a $5 million fine when he's sentenced in September.
Ramnarine worked at the New York City-based company from 1997 to August 2012, holding several high-level positions. He was involved in evaluating potential acquisition targets including publicly traded companies and was privy to inside company information concerning such transactions.
Authorities say he abused that knowledge in three planned corporate transactions and made illegal stock option trades.
The Bristol-Myers Squibb Co.'s products include Plavix, for preventing blood clots and strokes.