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Business Associations Keyed to Hwang, 3rd Ed.
Morgan Stanley v. Skowron
Citation:
989 F. Supp. 2d 356 (2013)Facts
Joseph Skowron was hired by Morgan Stanley in December 2006 as a Managing Director and Senior Portfolio Manager following Morgan Stanley’s acquisition of FrontPoint Partners LLC, where Skowron had been employed. His employment offer letter dated October 31, 2006, provided for an annual base salary of one point five million dollars plus management fees and incentive fees calculated based on the size and performance of investment funds he managed. The offer incorporated Morgan Stanley’s Sign-on Agreement and Code of Conduct, which expressly prohibited insider trading, required safeguarding confidential information, mandated cooperation with investigations, and required prompt self-reporting of any legal or policy violations. Between April 12, 2007 and December 1, 2010, Morgan Stanley paid Skowron over thirty-one million dollars in total compensation. During this period, Skowron engaged in insider trading by selling stocks based on material nonpublic information and subsequently lied under oath to the SEC about receiving such information, violating his employment contract and fiduciary duties.
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