Earlier this year this story was in the news about how the doctor saved a huge loss with insider information. Well from what I have read he would have been bankrupt as an alternative so what’s the better deal here, some money left after prison or being part of the Occupy movement? When you look at it that way, crime pays doesn’t it? Martha Stewart did her time and is back in business but again her crime was like minimal when you compare the cases, or at least I fell that way.
More Insider Trading Allegations in Healthcare Former Hedge Fund Manager Trading on Tips from A French Doctor
Hopefully the STOCK bill will go through as had this doctor been a member of Congress, all of this activity would have all probably been legal. BD
Insider Trading Revisited by 60 Minutes–Congress and Their Staff Can Do all the Inside Trading They Want And Some Cashed in With Healthcare (Video)
NEW YORK — A Harvard-trained physician was sentenced Friday to five years in prison for evading $30 million in investment losses by obtaining inside information from a fellow doctor.
Joseph “Chip” Skowron III apologized to his wife and friends in a packed Manhattan courtroom before U.S. District Judge Denise Cote announced the sentence.
The 42-year-old Greenwich, Conn., resident pleaded guilty in August to conspiring to commit securities fraud and obstructing justice.
“I was not aware of the changes that were happening in me that blurred the line between right and wrong,” he said. “I allowed myself to slip into the world of relativism where the ends justified the means.”
Skowron admitted gaining an advantage in his work as a hedge fund analyst in 2007 and 2008 by using tips gained through meetings and conversations with a French doctor who knew inside information about clinical drug trials.
As part of his plea deal, Skowron has agreed to forfeit $5 million to the United States. The judge also ordered him to pay restitution of $5.96 million.