Required to pay back his employer $31 million—100% of the compensation he earned—because his insider trading resulted in him being a "faithless servant" under New York law.
Criminal charge(s)
Conspiracy to engage in insider trading and obstruction of justice[1]
Criminal penalty
Five years in prison followed by three years of supervised release; $5 million to be paid to the government; $2.7 million SEC penalty; restitution to be paid to Morgan Stanley for legal fees ($3.8 million) and 20% of his compensation ($6.4 million).[1][2][3]
Criminal status
Convicted; released from prison after serving term
Spouse
Cheryl
Children
two daughters; two sons
Joseph F. "Chip" Skowron III (c. 1968)[2] is an American former hedge fund co-portfolio manager of FrontPoint Partners LLC's health care funds. He was convicted of insider trading, for which he served five years in prison. He was also required to repay his hedge fund employer $32 million it had paid him in compensation, because he had been a “faithless servant.”
^ abSpain, William (August 15, 2011). "Skowron pleads guilty in insider trading scam". MarketWatch.
^ ab"Harvard doctor turned hedge fund felon lured by ambition, riches". nj.com. November 27, 2012.
^Cantrell, Amanda (December 13, 2018). "Surviving Prison as a Wall Street Convict". Institutional Investor.
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