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Hedge Fund Manager Arrested For Insider Trading, Slits Own Throat
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A hedge fund manager who was charged last week with insider trading was found dead Monday night after apparently having slit his own throat.
Sanjay Valvani was a manager at Visium Asset Management LP, but his career came crashing down last week when he was hit with several fraud charges for allegedly making over $25 million by obtaining advance notice concerning FDA approval for generic drugs. Valvani pleaded not guilty to the charges and was freed after paying a $5 million bond. Meanwhile, Visium announced Friday it was shutting down its operation, a stunning collapse for what was once an $8 billion operation.
Valvani’s wife found his body Monday evening, facedown on the floor with a gash in his neck. A knife and suicide note were found next to his body. An official cause of death hasn’t been assigned yet, but police said it would likely be ruled a suicide.
It’s not clear what effect Valvani’s death will have on the broader federal investigation of Visium.
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