Former Bristol-Myers Squibb employee pleads guilty to theft of trade secrets

US Attorney for the Northern District of New York Richard Hartunian says that a former employee of US drug major Bristol-Myers Squibb (NYSE: BMY) has pleaded guilty to theft of the company’s trade secrets.

Shalin Jhaveri, who holds a PhD, and was employed at the time of his arrest in February 2010 as a technical operations associate in B-MS’ management training program. During his employment, Mr Jhaveri stole trade secrets from the drugmaker and devised a plan to convert them to his own use. At the time of his arrest, he was meeting in a Syracuse, New York hotel room with an individual he believed was an investor willing to finance a business venture Mr Jhaveri planned to start in his native India. Jhaveri transferred B-MS trade secrets to this investor, an individual he knew was not employed by or associated with the company in any capacity.

As part of his plea, Mr Jhaveri admitted the following: