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.
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