Skowron

Prosecutors allege that in January, 2008, Dr. Benhamou told Dr. Skowron that an independent committee responsible for overseeing patient safety on a drug trial had recommended that the use of a higher dose of the drug be stopped.

Ex-Fund Manager Charged In Insider Trading Case Steve Eder 2011

Dr. Skowron was released Wednesday on a $6 million personal recognizance bond secured by his primary residence in Greenwich, Conn.

Ex-Fund Manager Charged In Insider Trading Case Steve Eder 2011

Before the information became public, Dr. Skowron instructed a trader to sell off the fund's stake in Human Genome Sciences Inc.

Ex-Fund Manager Charged In Insider Trading Case Steve Eder 2011

A lawyer for Dr. Skowron said he plans to plead not guilty.

Ex-Fund Manager Charged In Insider Trading Case Steve Eder 2011

"Chip" Skowron III , formerly of FrontPoint Partners, is the previously unnamed portfolio manager who allegedly instructed his team to dump millions of dollars worth of shares in a biotechnology company about three years ago after the French doctor gave him an early window into bad news for the company's Hepatitis C drug.

Ex-Fund Manager Charged In Insider Trading Case Steve Eder 2011

In February, 2008, after the SEC advised the hedge fund that it was investigating its sale of Human Genome stock, Dr. Skowron urged Dr. Benhamou to falsely say that he had not discussed non-public information about the drug trial and he complied, the complaint said.

Ex-Fund Manager Charged In Insider Trading Case Steve Eder 2011

Dr. Skowron has been charged with conspiracy to commit securities fraud, securities fraud, and conspiracy to obstruct justice.

Ex-Fund Manager Charged In Insider Trading Case Steve Eder 2011

On Wednesday, federal authorities in Manhattan disclosed that Dr. Skowron, 41 years old, faces civil and criminal charges for allegedly trading on insider information and trying to cover it up.

Ex-Fund Manager Charged In Insider Trading Case Steve Eder 2011

Later that month, the two men allegedly met for lunch in Boston, and after lunch Dr. Skowron offered Dr. Benhamou a bag containing two stacks of U.S. currency wrapped in bands; Dr. Benhamou did not accept the money, the complaint says.

Ex-Fund Manager Charged In Insider Trading Case Steve Eder 2011

'Chip' Skowron III, left, leaves court in Manhattan on Wednesday.

Ex-Fund Manager Charged In Insider Trading Case Steve Eder 2011