2 Indian-Origin People Charged In US With Insider Trading With Pfizer Covid-19 Medicine
NDTV
In a parallel action, the US Attorney's Office for the Southern District of New York also announced criminal charges against the duo.
Two Indian-origin people, including a former Pfizer employee, have been charged with insider trading by federal authorities for their scheme to reap illicit profits by trading on information about the results of a COVID-19 medicine's clinical trials by the pharmaceutical giant.
Amit Dagar, a former Pfizer employee, and his close friend and business partner, Atul Bhiwapurkar, were charged on Thursday by the US Securities and Exchange Commission (SEC) for their scheme to reap illicit profits through insider trading.
In a parallel action, the US Attorney's Office for the Southern District of New York also announced criminal charges against the duo.
Dagar, 44, of Hillsborough, New Jersey, was arrested on Thursday and charged with four counts of securities fraud, each of which carries a maximum sentence of 20 years in prison, and one count of conspiracy to commit securities fraud, carrying a maximum sentence of five years in prison.
