Former FrontPoint Partners hedge fund manager Dr. Joseph "Chip" Skowron might be preparing to plead guilty, a court filing showed on Tuesday. In the court filing, federal prosecutors from the Manhattan U.S. attorney's office said they intended to file a criminal information against Skowron, rather than seek a grand jury indictment. Defense attorneys say the move by prosecutors to bypass a grand jury and file an information usually indicates a defendant has either agreed to cooperate with the government, or will plead guilty. If Skowron enters a guilty plea, he will be the 47th person charged by prosecutors to either plead guilty or be convicted on charges arising from in the insider trading investigation. [Reuters]
Women Who Insider Traded On Shared Boyfriend's Behalf Somehow Found Not Guilty
Jessica Mang, who traded material non-public information based on tips obtained by her Mizuho investment banker boyfriend, Thomas Ammann, because he promised to take her on vacation afterward and also because she thought his entrusting her with such a high level task was a sign he wanted to get serious, was cleared by a jury today, as was Christina Weckwerth, Thomas Ammann's other girlfriend/execution trader.