A hedge fund manager who was arrested last week on charges of insider trading was found dead at his Brooklyn residence in what is believed to be a suicide.
Sanjay Valvani, 44, a manager at Visium Asset Management LP, was found dead by his wife with a wound to his neck, a knife and a note nearby on Monday evening, the Daily Mail reported.
Valvani had recently pleaded not guilty to charges filed against him alleging he influenced a Food and Drug Administration official to give him inside information concerning the approval of generic pharmaceuticals, NBC4 reported. Prosecutors believed he illegally earned approximately $25 million from 2005 to 2011.
"He was very family-orientated, and it’s shocking for us that this happened," Dhara Valvani, a relative, was quoted by the Daily Mail. "He was a very nice guy. … He has two young girls. It’s very sad."
Visium, which announced on Friday that it was shutting down its operation, placed Valvani on leave earlier this year after the investigation into him had begun, Business Insider reported.
Valvani’s cause of death will officially be determined by the medical examiner, NBC4 added.