- 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.
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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.
Pharmaceutical firm Orion Corporation announced that Mikko Kemppainen has been appointed as general counsel and secretary to the board of directors of Orion Corporation, and a member of the executive management board of the Orion Group, effective June 1.
Purported “testimonial and review” service Rytr agreed to stop selling its program that used artificial intelligence to create fake content as part of a consent order with the Federal Trade Commission.
Bank of America avoided a monetary penalty in agreeing to settle charges with the Treasury Department’s Office of the Comptroller of the Currency but was ordered to shore up previously disclosed deficiencies in its Bank Secrecy Act/anti-money laundering (BSA/AML) and sanctions compliance programs.
Aviation maintenance services provider AAR Corp. will pay nearly $56 million to settle charges that it violated the Foreign Corrupt Practices Act when it paid bribes to government officials in Nepal and South Africa.
