The Securities Market Commission of USA denounced this Thursday, June 29, a former employee of the pharmaceutical company Pfizer for allegedly using privileged information about the pill against the COVID-19 to multiply your stock market gains.
According to a statement, Amit Dagarone of the statisticians in the clinical trial of the Paxlovid drughe learned that this had been successful a day before it was announced to the public, in November 2021, so he did stock market operations that generated a return of 2.458% on his investment.
As recalled, after Pfizer announced that the drug demonstrated effectiveness against COVID-19 in the trial, the company’s shares shot up around 11%its largest daily increase in more than a decade.
Similarly, Dagar would have shared the information with a friend, Atul Bhiwapurkar, who managed to win 791% and was also denounced by the US market regulator. Total, Dagar earned about $214,000 and Bhiwapurkar about $60,000..
The two defendants also received charges from the Attorney for the Southern District of New York, which indicates that the friend of the former Pfizer employee shared the information with another person who also made stock gains, although this person is not identified or charged.
Dagar and Bhiwapurkar face two counts of stock fraud, which carry a maximum penalty of 20 years in prisonand conspiracy to commit fraud, with a maximum sentence of 5 years
With information from EFE
Source: Gestion
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