Current:Home > MyPolice chief in Massachusetts charged with insider trading will resign-DB Wealth Institute B2 Expert Reviews
Police chief in Massachusetts charged with insider trading will resign
View Date:2024-12-24 07:19:20
DIGHTON, Mass. (AP) — A Massachusetts police chief charged with insider trading that allegedly netted a group of men more than $2.2 million in illegal profits will resign.
Dighton Police Chief Shawn Cronin is among five men charged in the insider trading scheme. Dighton Board of Selectmen Chairman Peter D. Caron said in a statement Tuesday that Cronin will resign Saturday.
“On behalf of the community, the Board would like to thank Chief Cronin for his dedicated service to the Police Department, the Town, and its residents,” Caron said.
According to federal investigators, Dighton reserve officer Joseph Dupont, a friend of Cronin, was vice president of Boston-based Alexion Pharmaceuticals, Inc. when he learned that the firm was going to purchase another company, Portola Pharmaceuticals Inc. Dupont allegedly told Cronin about the deal in April 2020, before it was made public.
Alexion’s acquisition of Portola, which is based in South San Francisco, California, was publicly announced on the morning of May 5, 2020. Portola’s stock jumped in value. Cronin and others named in the complaint sold their shares of Portola and options for Portola stock, reaping more than $2.2 million in illegally obtained profits, prosecutors said.
Cronin, who was named police chief last year, allegedly received $72,000 from the scheme. He faces five fraud charges -- each of which carries a maximum sentence of anywhere from five to 25 years in prison.
Cronin’s attorney did not respond to a request for comment and a telephone number could not be found for him.
veryGood! (52)
Related
- Relive Pregnant Megan Fox and Machine Gun Kelly's Achingly Beautiful Romance
- Maine would become 27th state to ban paramilitary training under bill passed by House
- 88-year-old mother testifies in murder conspiracy trial about daughter’s disappearance
- Green Bay schools release tape of first Black superintendent’s comments that preceded resignation
- 'America's flagship' SS United States has departure from Philadelphia to Florida delayed
- Bipartisan bill aims to make it safer for pedestrians to cross dangerous streets
- This Kylie Cosmetics Lip Butter Keeps My Perpetually Chapped Lips Smooth All Day & It Smells Amazing
- Iowa school district paying $20K to settle gender policy lawsuit
- Lions find way to win, Bears in tough spot: Best (and worst) from NFL Week 10
- The Office Actor Ewen MacIntosh Dead at 50
Ranking
- Tuskegee University closes its campus to the public, fires security chief after shooting
- Michigan Republicans plan dueling conventions for presidential nomination as turmoil continues
- Piglet finds new home after rescuer said he was tossed like a football at a Mardi Gras celebration
- Customers sue Stanley, say the company failed to disclose presence of lead in tumblers
- Former North Carolina labor commissioner becomes hospital group’s CEO
- Red states that have resisted Medicaid expansion are feeling pressure to give up.
- Mega Millions winning numbers for Tuesday's drawing as jackpot passes $500 million
- Target announces collection with Diane von Furstenberg, including wrap dresses, home decor
Recommendation
-
Gavin Rossdale Makes Rare Public Appearance With Girlfriend Xhoana Xheneti
-
Georgia drivers could refuse to sign traffic tickets and not be arrested under bill
-
Foreigner founder Mick Jones reveals Parkinson's diagnosis amid farewell tour absences
-
Barry Keoghan gets naked for Vanity Fair Hollywood cover issue, talks 'Saltburn' dance
-
'Joker 2' actor pans DC sequel as the 'worst film' ever: 'It has no plot'
-
Republican DA asks Wisconsin Supreme Court to decide abortion lawsuit without lower court ruling
-
Cincinnati Reds' Elly De La Cruz makes spring impact – on teammate Hunter Greene's car
-
Toyota recalls 280,000 pickups and SUVs because transmissions can deliver power even when in neutral