A former hedge-fund manager was sentenced to five years in the slammer Friday after he admitted earlier this year to using secret tips from a French doctor working on clinical-drug trials to avoid millions of dollars in trading losses the Wall St Journal reports.
The Feds in Manhattan had alleged that Joseph "Chip" Skowron III, a former manager at hedge fund FrontPoint Partners, directed several FrontPoint health-care funds to dump millions of dollars of shares in biotechnology company Human Genome Sciences Inc. in 2008 based on inside information he obtained from Yves Benhamou, a French doctor. The move allegedly allowed him to avoid ...
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