Joseph Skowron Insider Trading
Joseph Skowron Alleged to Have Profited from Inside Info
A hedge-fund manager who was a major donor to John McCain's presidential run bought confidential information about a drug trial that saved him $30 million in investments, federal prosecutors said Wednesday.
Joseph (Chip) Skowron III, a medical doctor and manager at FrontPoint Partners, faces conspiracy, security fraud and obstruction of justice charges for profiting from inside trading on a failed hepatitis C drug, according to a criminal complaint filed in Manhattan Federal Court.
Skowron, 41, befriended French doctor Yves Benhamou, an infectious-disease expert and consultant for drug maker Human Genome Sciences, at a medical conference in Hawaii, the complaint says.
The two continued to meet at secret locations throughout Europe - a hotel lobby in Barcelona and a hotel bar in Italy - where Skowron handed over secret envelopes stuffed with thousands of dollars in cash, prosecutors say. Source