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Former IT manager charged in $8M insider scheme

The Securities and Exchange Commission has announced insider trading charges against Dayakar R. Mallu, of Orlando, Florida, who generated gains and avoided losses totaling over $8 million by trading in the securities of his former employer, Mylan N.V., ahead of four public announcements between October 3, 2017, and July 29, 2019.

The SEC’s complaint alleges that Mallu received material nonpublic information about Mylan's unannounced earnings, drug approvals by the U.S. Food and Drug Administration, and impending merger with a division of Pfizer Inc. from his friend, a Mylan insider. The complaint alleges that Mallu traded on that information, and shared a portion of his trading profits with the Mylan insider by making cash payments in India.

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