Morgan Stanley's 'faithless servant' must pay back $31m

This guy must forfeit salary and incentive pay.

Ex-Morgan Stanley fund manager Joseph 'Chip' Skowron, who’s serving a five-year prison term for insider trading, must pay back $31m in compensation for failing to fulfill his duties to the bank, a judge ruled.

Bloomberg News reports that U.S. District Judge Shira Scheindlin has agreed with Morgan Stanley that Skowron was a 'faithless servant' and must forfeit salary and incentive pay from April 2007 to November 2010.

Skowron, 44, managed Morgan Stanley’s FrontPoint Partners LLC until he was charged in 2011 with using inside information to avoid $30m in losses. The bank sued Skowron after he pleaded guilty to conspiring to commit securities fraud and obstruct justice.

Hit the link below to access the complete Bloomberg article:

Ex-Morgan Stanley Fund Manager Must Pay Back $31 Million

Deutsche Bank Forfeits 221 Million Euros From Monte Paschi Deal



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