The Daily News reports that Sanjay Valvani, 44, a hedge fund manager who faced charges of securities fraud, wire fraud, and conspiracy arising from alleged insider trading, was found dead in his Sidney Place townhouse yesterday evening, an apparent suicide. Valvani is said to have made about $25 million from trades based on non-public information concerning pending Food and Drug Administration approvals of generic drugs, and was free on a $5 million bond secured by what the News describes as “his posh Brooklyn Heights home”. The News story quotes Valvani’s lawyer as saying the U.S. Attorney “stretch[ed] the facts and law to try to transform entirely innocent trading decisions into a crime.” It also quotes Jacob Gottlieb, founder of Visium Assets Management, Valvani’s employer, as saying “We mourn the tragic loss of Sanjay, a devoted father, husband, and friend”. Visium had placed Valvani on “extended leave” pending the outcome of the investigation.
Brooklyn Heights Resident Charged with Securities Fraud is Apparent Suicide
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