{"id":1961354,"date":"2023-06-30T11:53:02","date_gmt":"2023-06-30T15:53:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/former-pfizer-employee-charged-with-insider-trading-related-to-covid-treatment\/"},"modified":"2023-06-30T11:55:00","modified_gmt":"2023-06-30T15:55:00","slug":"former-pfizer-employee-charged-with-insider-trading-related-to-covid-treatment","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/former-pfizer-employee-charged-with-insider-trading-related-to-covid-treatment\/","title":{"rendered":"Ex-Pfizer worker accused of insider trading tied to COVID treatment."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fformer-pfizer-employee-charged-with-insider-trading-related-to-covid-treatment%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1961354&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><span style=\"font-weight: 400\">A former employee for <a href=\"https:\/\/www.dailywire.com\/topic\/pfizer\" target=\"_blank\" rel=\"noopener\">Pfizer<\/a> was charged by federal investigators on Thursday after being accused of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/former-gop-congressman-charged-with-insider-trading\/\" title=\"Former GOP Congressman Charged With Insider Trading\">insider trading related<\/a> to non-public results related to <a href=\"https:\/\/www.dailywire.com\/topic\/covid-19\" target=\"_blank\" rel=\"noopener\">COVID<\/a> drug Paxlovid.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Amit Dagar, 44, was <a href=\"https:\/\/www.justice.gov\/usao-sdny\/pr\/us-attorney-announces-charges-four-separate-insider-trading-cases-against-10\" target=\"_blank\" rel=\"noopener\">charged with four counts<\/a> of securities fraud and one count of conspiracy to commit securities fraud after federal investigators said that he used his knowledge of Paxlovid trials to purchase stock in Pfizer ahead of the release of positive test results.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Dagar \u201cpurchased short-dated, out-of-the<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bed-bath-beyond-becomes-the-latest-meme-stock\/\" title=\"Bed Bath &#038; Beyond Becomes the Latest Meme Stock\">-money call options<\/a> in Pfizer stock. DAGAR also tipped his close friend, ATUL BHIWAPURKAR, about the coming drug results and BHIWAPURKAR also purchased short-dated, out-of-the-money Pfizer call options that expired approximately two weeks later. BHIWAPURKAR also tipped another friend (\u2018Individual-1\u2019), who similarly purchased short-dated, out-of-the-money Pfizer call options that expired approximately three weeks later,\u201d the Southern District of New York\u2019s Department of Justice\u2019s office said.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Bhiwapurkar, from California, was also charged with two counts of security fraud and one count of conspiracy to commit security fraud. The two are accused of purchasing the stocks in November 2021 after Dagar saw positive results from the company\u2019s testing of Paxlovid ahead of their public release.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cInsider trading is not a quick buck. It\u2019s not easy money. It\u2019s not a sure thing. It\u2019s cheating. It\u2019s a bad bet. It\u2019s a ticket to prison. Because my Office, the Southern District of New York, is watching,\u201d said U.S. Attorney Damian Williams. \u201cAnd we\u2019re working quickly to investigate and prosecute anyone who corrupts our financial markets. And we\u2019ll keep at it as long as it takes. You can bet on that.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to the DOJ, the two made over $350,000 on the stocks after Pfizer released the testing data, leading the pharmaceutical giant\u2019s stock to increase by about 10%. Both Dagar and Bhiwapurkar could face 20 years in prison for each of the security fraud counts if convicted.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cThe <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/former-pfizer-employee-charged-with-insider-trading-related-to-covid-treatment\/\" title=\"Ex-Pfizer worker accused of insider trading tied to COVID treatment.\">charges announced today center<\/a> on the defendants\u2019 alleged participation in illegal securities trading based on material, non-public information. Insider trading schemes not only yield ill-gotten gains for those directly involved but also damage the public\u2019s faith in the fairness of our financial markets,\u201d said FBI official Michael Driscoll.\u00a0<\/span><\/p>\n<p><b data-stringify-type=\"bold\"><\/b><\/p>\n<p><span style=\"font-weight: 400\">Dagar \u201clooks forward to defending himself in court,\u201d <a href=\"https:\/\/www.cnbc.com\/2023\/06\/29\/ex-pfizer-employee-charged-over-trading-on-paxlovid-data.html\" target=\"_blank\" rel=\"noopener\">according<\/a> to lawyer Patrick Smith, who said the former Pfizer employee denied any wrongdoing.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">A parallel action was unveiled against the pair by the Securities and Exchange Commission.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cDagar and Bhiwapurkar allegedly leveraged this information by trading out-of-the-money call options to generate massive one-day returns. Thanks to our surveillance, the defendants must now face the consequences of their greed,\u201d <a href=\"https:\/\/www.sec.gov\/news\/press-release\/2023-123\" target=\"_blank\" rel=\"noopener\">said<\/a> Joseph Sansone, the chief of the SEC\u2019s Market Abuse Unit.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Amit Dagar, a former Pfizer employee, faces charges of insider trading linked to undisclosed COVID drug Paxlovid results. Federal investigators accuse him of four counts of securities fraud and one count of conspiracy to commit securities fraud. Dagar allegedly utilized his position for personal gain, according to the charges filed on Thursday.<\/p>\n","protected":false},"author":200,"featured_media":1961355,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1961354","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1961354","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/200"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1961354"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1961354\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1961355"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1961354"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1961354"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1961354"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}