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It seemed, as it must so often to those hatching them, like the perfect (alleged) scheme: A top executive at one pharmaceutical company and then another, in possession of sweet, sweet material non-public information thereon, would surreptitiously pass said information on to a friend. This friend would then make a killing—nearly $8 million in profits and losses avoided, in just two short bouts of trading. The friends would then meet up in India, where recompense would be made in the form of rupee notes, and the authorities in the U.S. would be none the wiser.

Unfortunately for Viatris Inc. global chief information officer Ramkumar Rayapureddy, someone noticed the windfall enjoyed by his buddy Dayakar Mallu, who found himself in the same trap that ensnared Al Capone. And now it is very much Rayapureddy’s problem.

Mr. Rayapureddy was charged with securities fraud and conspiracy. He pleaded not guilty in Pittsburgh federal court on Thursday and posted an unsecured bond of $500,000…. Mr. Mallu last year pleaded guilty to conspiracy to commit securities fraud and aiding in the preparation of a false tax return, according to the Justice Department’s fraud section, which is prosecuting the criminal cases.

Viatris Executive Charged in Insider-Trading Scheme Allegedly Netting Millions [WSJ]

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