Ex-FrontPoint Trader Cops To Receiving Insider Tips

Law360, New York (August 15, 2011, 11:36 AM EDT) -- Ex-FrontPoint Partners LLC trader Joseph Skowron on Monday pled guilty in New York to ditching stock in Human Genome Sciences Inc. after receiving nonpublic information from a friend, in a move prosecutors claim helped his hedge funds avoid losing $30 million.

Skowron pled guilty in federal court to conspiracy and to obstructing justice by lying to the U.S. Securities and Exchange Commission about receiving the stock tips from his friend, Yves Benhamou, a doctor who worked as a clinical adviser to Human Genome Sciences.

“I knew...
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