In a gripping courtroom revelation, the ex-police chief of Dighton, Massachusetts, Shawn Cronin, confessed to engaging in unlawful profiteering through insider trading. The case revolves around a clandestine exchange of confidential information regarding a healthcare-sector merger. The accused, 44-year-old Cronin, made a shocking admission before Manhattan federal judge Sarah Netburn on Tuesday.
Trading on Insider Knowledge: A Shocking Betrayal
Cronin detailed how he illicitly gained access to privileged details about a healthcare merger from a “lifelong friend,” identified as Joseph Dupont, the former vice president of Alexion Pharmaceuticals. This disclosure set in motion a series of stock and options trades before the public announcement of Alexion’s intention to acquire Portola Pharmaceuticals in May 2020.
In a startling revelation, Cronin calmly admitted, “I 100% knew it was wrong,” acknowledging the ethical breach that has now come to light. He expressed remorse for his actions and revealed that he obtained the confidential information from Dupont.
Former Police Chief Cops To Insider Trading Charges In NY : Legal Consequences Unfold
The courtroom drama continued as U.S. Magistrate Judge Sarah Netburn scheduled a sentencing date for Cronin on May 13 before U.S. District Judge Gregory H. Woods. The defendant faces a potential punishment of 30 months in prison, as per the guidelines in his plea agreement. Additionally, Cronin has agreed to forfeit just under $72,000.
