2nd Circ. Orders Schemer To Repay $10M To Morgan Stanley

Law360, New York (July 16, 2013, 1:47 PM EDT) -- Convicted insider trader Joseph “Chip” Skowron III, a former portfolio manager at a Morgan Stanley-owned hedge fund, must pay the bank $10.2 million in restitution over a stock-trading scheme involving secret drug trial data, the Second Circuit ruled Tuesday.

Skowron was sentenced in November 2011 to five years in prison and ordered in March 2012 to pay Morgan Stanley $6.4 million representing part of his compensation between 2007 and 2010 and $3.8 million in legal fees and other costs. Agreeing with the lower court, the Second...
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