business

Updated: Jun 21, 2016 19:50 IST

Sanjay Valvani, a hedge fund manager at Visium Asset Management, who was charged with insider trading, was found dead in an apparent suicide on Tuesday, CNBC reported, citing Dow Jones.

Federal officials earlier this month arrested Valvani and accused him of having fraudulently made $25 million by gaining advance word about U.S. Food and Drug Administration approvals of generic drug applications.

Valvani pleaded not guilty to five counts including securities fraud, wire fraud and conspiracy and was freed on a $5 million bond secured by his home.