A physician from Greenwich, Conn., has pled guilty to a conspiracy charge for illegally evading $30 million in losses by obtaining inside tips on drug trials from a French physician, according to a Wall Street Journal report.
Joseph “Chip” Skowron III, MD, is a former manager at hedge fund FrontPoint Partners. He oversaw six healthcare-related hedge funds when working there and admitted to directing trades based on inside information he obtained from Yves Benhamou, MD, a French physician. He also admitted to lying to the Securities and Exchange Commission in Aug. 2009 about whether he received the information from Dr. Benhamou.
Dr. Skowron faces up to five years in prison on the charges. Sentencing is set for Nov. 18. He also agreed to forfeit $5 million as part of his plea.
Read the Wall Street Journal report on Dr. Joseph “Chip” Skowron III.
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