Tuesday, 26 May 2015
Last updated 39 min ago
Dec 22 2011 | 2:21am ET
The French doctor whose confidential tips helped sink FrontPoint Partners won’t spend another day in jail for his crimes.
Yves Benhamou was sentenced yesterday to time served. The nephrologist pleaded guilty in April to passing tips to Joseph Skowron, the chief healthcare hedge fund manager at FrontPoint. Benhamou was an adviser to Human Genome Sciences, and gave Skowron advanced information about a hepatitis C drug test.
Benhamou, who cooperated with the investigation, spent 24 days in jail after his arrest last November. Skowron was sentenced to five years in prison last month.
Benhamou’s tips helped Skowron’s FrontPoint funds avoid a $30 million loss. FrontPoint shuttered those funds shortly after Benhamou’s arrest, a move which failed to assuage investors. Clients pulled billions from the embattled firm, which announced earlier this year that it would close, spin-off or sell almost all of its hedge funds.
“I can’t find the words to express how sorry I am and to express how much regret I feel,” Benhamou told the court.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…