- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2022-11-14T21:53:00
The chief information officer (CIO) at former pharmaceutical company Mylan was charged with insider trading for tipping off a former colleague about the firm’s impending merger with a division of Pfizer, among other matters.
Ramkumar Rayapureddy, who holds the same position at Mylan successor Viatris, tipped off his former colleague and friend Dayakar Mallu about the company’s financial results, an unannounced Food and Drug Administration (FDA) approval of a Mylan drug, and an upcoming merger with Pfizer, the Securities and Exchange Commission (SEC) alleged in its complaint filed Nov. 10 in U.S. District Court for the District of Western Pennsylvania. Rayapureddy is also facing criminal charges from the Department of Justice (DOJ).
From September 2017 through July 2019, Rayapureddy notified Mallu of the material nonpublic information, according to the complaint. Rayapureddy worked at Mylan since 2014 and was made CIO in January 2016, the SEC said.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
The Department of Justice and Securities and Exchange Commission announced charges against a dozen individuals across four separate insider trading cases, including an alleged scheme involving the chief compliance officer of an international payment processing company.
Dayakar Mallu, a former IT manager at Mylan, pleaded guilty to criminal charges for his role in an $8 million insider trading scheme aided by an unnamed executive at the pharmaceutical company.
Eight business executives, including the billionaire owner of Indian energy company Adani Group, were charged with fraud for their alleged roles in a multi-million bribery scheme to win a solar energy contract in India.
Three months after a U.S. district judge declared Google to be running a monopoly, the Department of Justice recommended the tech giant be forced to sell off its popular Chrome browser as part of an effort to resolve antitrust concerns and reshape the power of tech’s biggest companies.
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
