Indian-American ex-IT chief admits to insider trading

He has admitted to submitting extortionate protections and assisting in the preparation of a fraudulent evaluation document

Indian-American ex-IT chief admits to insider trading
Photo by Emiliano Bar / Unsplash

A former information technology executive at Mylan pleaded guilty on Friday (Sept 17) to insider trading for using tips from the drugmaker’s chief information officer to trade in its stock, generating $4.27 million of illegal profit, authorities said.

On January 24, Dayakar Mallu, 51, is scheduled to be sentenced. For the connivance charge, he faces a maximum sentence of 25 years in prison, and for the expenditure violation, he faces a maximum sentence of three years in prison.