SEC snatches Viatris information chief in $8M insider trading scheme via cash payments in India
The Securities and Exchange Commission again showed its ability to find insider traders wherever they may go, as late last week it filed charges against generic drug company Viatris’ chief information officer for tipping off a close friend who made $8 million from the insider info and shared some of those profits with the chief information officer via cash payments in India.
Pittsburgh-based Ramkumar Rayapureddy, 54, rose to the rank of global CIO in January 2016 and, at least from fall 2017 to summer 2019, tipped his friend and former colleague, Dayakar Mallu, material nonpublic information about Mylan’s unannounced FDA drug approval, financial results, and an impending merger with Upjohn, a division of Pfizer, to create Viatris.
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