A media report has said on Wednesday that Sanjay Valvani, an Indian origin hedge fund manager charged with insider trading last week, has been found dead at his home in an apparent case of suicide, where Valvani, 44, who has worked as a portfolio manager with hedge fund firm Visium Asset Management LP, was accused of trading on confidential information about generic drug approvals.
Barry Berke and Eric Tirschwell, Valvani’s attorneys have said in a statement that this is a horrible tragedy that is difficult to comprehend. Valvani was a loving father, husband, son and brother and committed friend, colleague and mentor, and he hopes for the sake of his family and his memory that it will not be forgotten that the charges against him were only unproven accusations and he had always maintained his innocence.
Valvani was accused of having fraudulently made $25 million by getting advanced information about the US Food and Drug Administration (FDA) approvals of generic drug applications and he has passed on the information to another portfolio manager who made his own illegal trades. Valvani was charged with securities fraud, wire fraud and conspiracy and was freed on $5 million bond secured by his home.
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