An Ivy League-trained doctor-turned-stock-picker has been charged with insider trading, accused of showering a French physician with cash and a luxury trip to New York in exchange for secret details on a biotechnology company. Joseph "Chip" Skowron, who ran hedge fund firm FrontPoint Partners' healthcare funds, was expected to appear later Wednesday in federal court on criminal securities fraud and conspiracy charges. The FBI said he surrendered Wednesday morning in Manhattan. The 41-year-old Connecticut man is one of the most prominent investors to become embroiled in a crackdown on illegal stock tips solicited from consultants working for so-called expert network firms, which help hedge funds obtain information about public companies in areas such as medicine and technology. The case, which began with the arrest last year of the French doctor, has dealt a blow to FrontPoint, forcing it to shutter Skowron's $1.5 billion funds. Skittish investors pulled money out of other FrontPoint portfolios as well, removing $3 billion and shrinking the firm's assets to about $4.5 billion.
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