Sorry, Morgan Stanley. But Chip Skowron Doesn't Think You're Really A Victim

Chip Skowron

Morgan Stanley wants its “classic faithless servant” Joseph “Chip” Skowron to fork over $37.4 million.That’s because the bank claims it suffered damages as a result of an insider trading scandal at Front Point Parnters, a hedge fund the bank acquired in 2006 and later spun off, Bloomberg BusinessWeek reported.

But Skowron, who is currently serving time for insider trading, doesn’t think the Morgan Stanley is a victim, the report said.

The former FrontPoint hedge fund manager pleaded guilty in late 2011 to using confidential information from a French doctor working on a clinical drug so he could avoid $30 million in losses, the report said.  He was sentenced to five years in prison.

Read the full Bloomberg BusinessWeek report here >>

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