2nd Circ. Won’t Rehear Schemer’s $10M Morgan Stanley Case
By Richard Vanderford
Law360, New York (September 20, 2013, 9:57 PM ET) -- The Second Circuit on Friday refused to reconsider an appeal from Joseph “Chip” Skowron III, a former portfolio manager at a Morgan Stanley-owned hedge fund, against an order to pay the bank $10.2 million for insider trading based on secret drug trial data while on the job.
The court said it would not rehear his appeal or let the full slate of appeals court judges weigh in. Skowron in August 2011 pled guilty to insider trading while he managed a portfolio at FrontPoint Partners LLC, admitting...