Valvani is survived by his wife, Harjot Sandhu, a former teacher and reading specialist. Valvani was accused of having fraudulently made $25 million by getting advanced information about the US Food and Drug Administration (FDA) approvals of generic drug applications.
He passed on the information to another portfolio manager who made his own illegal trades. Valvani was charged with securities fraud, wire fraud and conspiracy and was freed on $5 million bond secured by his home. "Visium Asset Management put Valvani on extended leave after learning he was being investigated," the officials were quoted as saying. Valvani worked at Visium since its 2005 inception. He started out as a sell-side associate at Salomon Smith Barney and joined as an analyst at Balyasny Asset Management in 2003.