The U.S. Court of Appeals for the Second Circuit July 16 affirmed that Morgan Stanley is entitled to $10.2 million in restitution from former hedge fund manager Joseph Skowron III over his insider trading (United States v. Skowron).
The court said that the district court’s restitution order followed Skowron’s conviction, under a guilty plea, for conspiring to commit securities fraud and to obstruct justice.
Skowron was sentenced to five years in prison, among other fallout from the insider trading plot. Here, the lower court directed Skowron to pay Morgan Stanley $10.2 million, about $6.4 million and $3.8 million ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.