According to Bloomberg from the age of six, Joseph F. “Chip”
Skowron III aspired to be a doctor. At Yale, he earned both a medical degree
and a doctorate in molecular and cellular biology, then qualified for Harvard’s
elite, five-year residency program. Three years in, Skowron quit medicine for
Wall Street. He and two partners started a group of health-care investment
funds under the auspices of FrontPoint Partners LLC, a hot new property in the
exploding world of hedge funds.
Skowron was soon making millions of dollars a year. He built
a gabled, 10,000-square-foot home on three acres in the nation’s hedge-fund
capital, Greenwich, Connecticut. He assembled a small fleet of pricey cars,
including a 2006 Aston Martin Vanquish and a 2009 Alfa Romeo Spider 8C. He also
spent vacation time engaged in Third World humanitarian causes.
Today, Skowron, 43, is serving a five-year term for insider
trading at the federal prison at Minersville, Pennsylvania. At FrontPoint,
Skowron lied to his bosses and law enforcement authorities, cost more than 35
people their jobs and stooped to slipping envelopes of cash to an accomplice.
FrontPoint is gone. Morgan Stanley, which once owned FrontPoint, is seeking
more than $65 million from Skowron, whose net worth a year ago was $22 million.....
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