Forbes – In a little publicized decision just before Christmas, the U.S District Court, Southern District, ruled that a former hedge fund bigwig, Joseph F.”Chip” Skowron III, must forfeit $31 million compensation earned from the firm between 2007 and 2010.
This disgorgement or forfeiture of 100% of the convicted fund manager’s compensation is a huge victory for the government in its campaign to prevent investment managers using “inside information” from keeping fortunes made through illegal means.
