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Friday, December 20, 2013

An ex-Morgan Stanley employee has to give back the $31,067,356.76 the bank paid him

http://blogs.marketwatch.com/thetell/2013/12/20/an-ex-morgan-stanley-employee-has-to-give-back-the-31067356-76-the-bank-paid-him/?mod=MW_latest_news

Turns out that $31,067,356.76 is what the fund manager, Joseph “Chip” Skowron III, took home for about three and a half years of work, from April 2007 through November 2010. It came from an annual salary of $1.5 million, plus “management fees and incentive fees” based on the size and performance of the investment funds he helped manage.
Skowron had pleaded guilty in 2011 to conspiracy to commit insider trading for at least the period where his pay is being clawed back. Another judge at the time sentenced him to five years in prison and ordered him to give back 20% of the money he’d made at the bank during the period in question.

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