An Ivy League-trained doctor turned health care fund portfolio manager has pleaded guilty in New York to a conspiracy charge. He's agreed to serve a five-year prison sentence for illegally evading $30 million in losses for his funds.
Joseph "Chip'' Skowron III of Greenwich, Conn., entered the plea Monday to conspiring to commit securities fraud and obstructing justice.
Skowron oversaw six health care-related hedge funds when he worked at FrontPoint Partners LLC.
Authorities say he evaded millions of dollars in losses in 2007 and 2008 by paying a prominent French doctor for secrets on the progress of a liver disease drug.
Sentencing will be Nov. 18.
Copyright AP - Associated Press
