TRENTON, N.J. Federal prosecutors say a former Bristol-Myers Squibb (BMY) executive has admitted using his high-level position and access to nonpublic information to make about $310,000 from illegal insider trades.
Robert Ramnarine pleaded guilty Monday to one charge of securities fraud. The 46-year-old East Brunswick, N.J., resident faces up to 20 years in prison and a $5 million fine when he's sentenced Sept. 26.
Ramnarine worked at Bristol-Myers Squibb from 1997 to August 2012, holding several high-level positions during his time with the New York City-based firm.
As a result of these 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 Ramnarine abused that knowledge in three planned corporate transactions and made illegal stock option trades.