Federal prosecutors appear poised to win yet another guilty plea in a hedge fund insider-trading case.
Finalternatives reports that Joseph Skowron, the former FrontPoint Partners healthcare manager whose implication in an insider-trading scam helped all-but bring down the once-$7.5 billion hedge fund, will waive his right to be indicted, according to a court filing. Such a move is usually followed by a guilty plea.
Skowron, who was arrested in April, six months after FrontPoint's name emerged as a beneficiary of tips from French doctor Yves Benhamou, has been in plea talks with prosecutors since at least June, when prosecutors sought an extension of their deadline to seek an indictment against Skowron. At the time, Assistant U.S. Attorney Pablo Quinones wrote, "counsel for the defendant and I have had ongoing discussions regarding a possible disposition of the case."
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Read more at http://www.finalternatives.com/node/17620
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