Conn. Doctor Pleads Guilty in NYC Securities Case

Monday, 15 Aug 2011 12:40 PM

 

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NEW YORK — An Ivy League-trained doctor turned healthcare hedge fund manager has pleaded guilty in New York to a conspiracy charge for illegally evading $30 million in losses by obtaining inside information from a fellow doctor.

Joseph "Chip" Skowron III of Greenwich, Conn., entered the plea Monday to conspiring to commit securities fraud and obstructing justice. He's agreed to serve a five-year prison sentence.

Skowron oversaw six healthcare-related hedge funds when he worked at FrontPoint Partners LLC.

Authorities say he evaded millions of dollars in losses in 2007 and 2008 by paying a prominent French doctor for secrets on the progress of a liver disease drug.

Sentencing will be Nov. 18.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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