Chip Skowron, a former manager at the hedge fund FrontPoint Partners LLC, is being charged with securities fraud and obstruction of justice in an insider trading case focused on expert network firms, a person familiar with the matter said on Wednesday. Yves Benhamou, a French doctor, has also pleaded guilty to illegally providing tips to Skowron and to obstruction of justice, the person said. The person was not authorized to speak because Skowron has not been named by public authorities in connection with the case, and Benhamou's plea has not been made public. Skowron was arrested earlier Wednesday and is expected to appear later in the day before a U.S. magistrate in Manhattan, federal law enforcement officials said. The U.S. Attorney's office in Manhattan is holding a press conference later Wednesday to announce insider trading charges against an unnamed hedge fund portfolio manager, and obstruction of justice charges against the manager and an unnamed expert consultant.
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