Hedge Fund Manager Charged with Inside Trading is Found Dead

According to New York police official, Sanjay Valvani, a hedge fund manager at Visium Asset Management who was charged last week with inside trading, was found dead on Monday. Apparently he was a victim of suicide.

Sanjay Valvani, 44 years old, was found by his wife in the bedroom of their Brooklyn home with a slash wound to his neck, said a New York Police Department spokesman. He was pronounced dead around 6:30 p.m. Police found a note and a knife at the apartment. While the city’s medical examiner’s office has yet to determine Sanjay Valvani’s official cause of death, the official said it appeared that Sanjay Valvani had slashed his throat.

“This is a horrible tragedy that is difficult to comprehend,” Sanjay Valvani’s attorneys, Barry Berke and Eric Tirschwell, said in a statement. “Sanjay Valvani was a loving father, husband, son and brother and committed friend, colleague and mentor. We hope for the sake of his family and his memory that it will not be forgotten that the charges against him were only unproven accusations and he had always maintained his innocence.”

Days earlier, Visium’s founder, Jacob Gottlieb, announced that he was shuttering the multibillion-dollar hedge fund and selling one of its funds to AllianceBernstein.

Manhattan Federal prosecutors charged Sanjay Valvani of reaping approximately $32 million in illicit gains based on information about coming Federal Drug Administration approvals for a generic version of a drug that helps prevent blood clots. Authorities charged that Sanjay Valvani received inside information from a former F.D.A. official working as a consultant.

In all, three individuals were charged in the investigation of Visium, including two former colleagues of Sanjay Valvani’s. Jacob Gottlieb said in a statement, “We mourn the tragic loss of Sanjay, a devoted father, husband and friend. Our thoughts are with his family during this difficult time.”

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