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Pfizer Analyst Dagar Guilty of Paxlovid Trading Got 9 Months US Opposes Bail Pending Appeal

by Matthew Russell Lee, Patreon Book Substack

SDNY COURTHOUSE, Oct 4/8 – As one of four insider trading prosecutions announced on June 29, 2023 by the US Attorney for the Southern District of New York, Amit Dagar and Atul Bhiwapurkar were charged with options trading based on inside information about the results of clinical trials of Paxlovid, a medicine used to treat COVID-19. 

   The four prosecutions come a week after the conviction in SDNY of Brijesh Goel, formerly of Goldman Sachs. Goel testified on his own behalf in a trial covered by Inner City Press, which is also reporteding weekly on the SDNY prosecutors murky deal with Sam Bankman-Fried to agree to extradition from the Bahamas apparently in exchange for not seeking detention (unlike on Avi Eisenberg) and now with the China bribe charges severed or dropped.

   Dagar was an employee of Pfizer Inc. and assisted in managing the data analysis in certain clinical drug trials.   On November 4, 2021, Dagar learned that a Pfizer trial of the drug Paxlovid, a medicine designed to treat mild to severe COVID‑19 infection, had produced positive results.  Dagar purchased short-dated, out-of-the-money call options in Pfizer stock.  DAGAR also tipped his close friend, ATUL BHIWAPURKAR, about the coming drug results and BHIWAPURKAR also purchased short-dated, out-of-the-money Pfizer call options that expired approximately two weeks later.  BHIWAPURKAR also tipped another friend (called “Individual-1”), who similarly purchased short-dated, out-of-the-money Pfizer call options... DAGAR, BHIWAPURKAR, and Individual-1 sold their Pfizer call options at significant profits, totaling approximately more than $350,000. 

 What's up with Individial-1? 

On October 19, Atul Bhiwapurkar came to the SDNY Magistrates Court, with Inner City Press the only media present, and pled guilty. His deal has a guideline of 10 to 16 months.

Inner City Press attended the arraignment, thread:

AUSA: He can be released today on $1 million bond secured by his real estate, can communicate with co-defendant but not about this case. Defense lawyer Smith: Dagar is headed to the Poconos. AUSA does not object

On October 25, District Judge Andrew L. Carter accepted the plea: "ecf ORDER as to Atul Bhiwapurkar. IT IS HEREBY ORDERED that the defendant's guilty plea is accepted (Signed by Judge Andrew L. Carter, Jr on 10/25/23)." For now there is a sentencing control date of February 20, 2024.

On January 4, 2024 there was a final pre-trial conference on Dagar. Inner City Press was there. His lawyer argued among other things that knowing the date of a press release could not be material non-public information, if one didn't know the content of the press release. Judge Carter said it will be up to the jury, and to draft a curative instruction.

On January 8 on the eve of trial, Dagar asked to exclude as a Government expert witness Pfizer stock analysis Timothy Anderson. The AUSA fired back that they are no long calling Anderson as a witness and would have told defense counsel as much if they had asked before filing the motion.

Ten days later on January 18 the jury found Dagar guilty: it "returned a guilty verdict against AMIT DAGAR for insider trading and conspiracy to commit insider trading."

On March 15, 2024, BHIWAPURKAR through counsel wrote it to say he had help the government's case and that he should receive a "non-prison sentence."

On April 12, Bhiwapurkar got just that: no prison time, three years probation and his passport back.

On July 12 Dagar's lawyer wrote in asking for "a non-custodial sentence of probation or home confinement." On August 6, Dagar was sentenced to 9 months in prison; Judge Carter said it is to begin on November 6. Before that, a briefing schedule culminating in a hearing on September 18 [the day now set for Donald Trump's sentencing around the corner in 100 Centre Street.]

On August 27 Dagar's counsel filed for bail pending appeal, listing questions of venue and constructive amendment.

On October 4 the US Attorney's Office filed opposition to bail pending appeal, pointing out that former Congressman Stephen Buyer got denied on a similar request.

On October 8 there was apparently a hearing, notice of which went out after it had occurred. Watch this site.

The case is US v. Dagar, et al., 23-cr-319 (Carter)


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