Legal
Ex-Pfizer Manager Gets Nine Months for Covid Insider Trading
- Amit Dagar bought options after learning of Paxlovid results
- India native says he ‘lost everything’ after fraud conviction
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A former Pfizer Inc. statistician was sentenced to nine months behind bars for making more than $200,000 by trading on confidential information before a key announcement about the drugmaker’s Covid-19 treatment Paxlovid.
Amit Dagar, convicted of securities fraud and conspiracy after a one-week trial in January, was sentenced Tuesday in federal court in Manhattan by US District Judge Andrew L. Carter Jr. Dagar was charged in June 2023 with trading ahead of a November 2021 announcement that Paxlovid had reduced hospitalizations and deaths in high-risk patients by 89%, which sent the shares surging. He had asked for a sentence of probation or home confinement.