The 9 Most Notorious Insider Trading Cases of 2011
Joseph "Chip" Skowron III
Former hedge fund manager Joseph "Chip" Skowron III is facing up to five years in prison after pleading guilty in August to profiting from an insider trading scheme. Skowron, a former manager at Frontpoint Partners, admitted to prosecutors that a doctor overseeing a clinical drug trial illegally told him about the negative effects of an experimental Hepatitis C treatment. Skowron then used that information to help the funds he managed avoid losses of at least $30 million. The doctor, Yves Benhamou, pleaded guilty to his role in the crime in April. Skowron will be sentenced Nov. 18.