NYC medical examiner: Hedge fund manager killed himself

They paid tribute to Valvani as a loving father, husband, son and brother. Valvani died after an apparent, self-inflicted slash to the neck, a spokeswoman said.

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Police said on Tuesday, Sanjay Valvani has been found dead in an apparent suicide.

Sanjay Valvani’s suicide death comes off the heels of the once highly acclaimed rising financial star being put on leave from his company earlier this year.

His attorneys, Barry Berke and Eric Tirschwell, called his death a “horrible tragedy that is hard to comprehend”.

As part of the scheme, at Valvani’s direction, Johnston had obtained highly confidential and material non-public information from a senior FDA official about the status and approval of a generic drug called enoxaparin and passed to Valvani.

A New York Police Department (NYPD) spokesperson confirmed that Valvani had committed suicide. Valvani established himself as a star portfolio manager at the firm, which was founded in 2005 by Jacob Gottlieb and had a staff of almost 200.

An investigation by the US Securities and Exchange Commission reportedly led to .5 billion in client redemptions, and ended with charges against three portfolio managers, Valvani included.

Fox News reported Valvani, who was a partner and money manager at Visium Asset Management, was charged last Wednesday with five counts including securities fraud and conspiracy.

His performance was so good that rivals at other hedge funds would question Visium employees at conferences about Valvani’s confidence in his trades, a former colleague said. The hedge fund said on Friday that it would shut down its operations. The Visium Global fund, which is being sold to AllianceBernstein, returned 10.3 per cent a year ago and has lost 2.3 per cent through early June. Valvani provided tips to Plaford, the indictment alleges.

According to prosecutors, consultant Gordon Johnston, a former deputy director of the FDA office of generic drugs, provided Valvani the information after receiving a tip from a friend and former FDA colleague still working there.