Joseph Skowron Insider Trading

Joseph Skowron Alleged to Have Profited from Inside Info

Another hedge fund manager has been charged with profiting off insider information. According to prosecutors, Joseph (Chip) Skowron III, a hedge fund manager at FrontPoint Partners, purchased inside information on a drug that saved him $30 million. The hedge fund industry has struggled with a recent string of insider trading charges.

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

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