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David Siegal in Reuters: Exclusive - Hedge fund manager Skowron might plead guilty
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.
"Quite often, but not always, this means there is a negotiated agreement in the case and there is a plea agreement or a cooperation agreement," said former federal prosecutor David Siegal, now a partner at Haynes and Boone.
Excerpt from Reuters, August 3, 2011. To view the full article, click here.