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Ex-Hedge Fund Manager Pleads to Insider Trading
Joseph Skowron, a former portfolio manager for hedge fund FrontPoint Partners, pleaded guilty to insider trading charges on Monday. He admitted in a Manhattan court to having avoided $30mn in losses by trading on tips about a clinical drug trial leaked by expert network consultant Dr. Yves Benhamou. He also admitted that he and Benhamou agreed to mislead the SEC about their moves.
Benhamou worked as a consult for an expert network while being retained by biotech firm Human Genome Sciences to assist with a clinical drug trial. When issues with the trial arose, Benhamou notified Skowron, who sold off all of FrontPoint's shares in HGS, saving the fund millions.
Skowron faces as many as 5 years in prison for one count of conspiracy to commit securities fraud, and will pay a $5mn fine. The case was one of the first to result from the federal government's increased probing of expert networks. FrontPoint has since nearly ceased to exist after investors pulled billions from the fund. [Dealbook, 8/15/11]
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