NYT – A federal judge has ordered Joseph F. Skowron, the onetime star hedge fund manager serving jail time for insider trading, to pay $10.2 million to his former employer Morgan Stanley.
In a ruling late Tuesday, Judge Denise L. Cote of Federal District Court in Manhattan ruled that Mr. Skowron, who was a portfolio manager at the Morgan Stanley-owned FrontPoint Partners, owed the full $3.8 million in legal fees the bank incurred as a result of Mr. Skowron’s crimes. The judge also ordered Mr. Skowron to return $6.4 million to Morgan Stanley, an amount representing one-fifth of his roughly $32 million in pay during the four years he perpetrated his scheme.
