Skowron To Pay Morgan Stanley $10.2M For Stock Dump

Law360, New York (March 21, 2012, 12:38 PM EDT) -- Former hedge fund manager Joseph "Chip" Skowron III must pay more than $10.2 million to Morgan Stanley for illegally dumping a pharmaceutical company's stock after he was tipped off about faltering drug trials, a New York federal judge ruled Tuesday.

U.S. District Judge Denise Cote ordered Skowron, the former portfolio manager of health care-focused hedge fund FrontPoint Partners LLC, once owned by Morgan Stanley, to pay a total of $10,247,853 in restitution, which includes $3.8 million in legal fees and $6.4 million of the compensation he...
To view the full article, register now.