The police chief in Dighton, Massachusetts, will be resigning from his post at the end of the month, a few months after the town's select board voted to place him on administrative leave amid federal insider trading charges.
Dighton Selectmen Chairman Peter Carol released a statement on Monday evening announcing Chief Shawn Cronin's intentions to resign from his position as chief, effective Saturday. The select board thanked Cronin for his service to the town.
WATCH ANYTIME FOR FREE
 |
Stream NBC10 Boston news for free, 24/7, wherever you are. |
In June, Cronin was put on administrative leave, and a reserve officer was suspended following an emergency Board of Selectmen's meeting as they face federal insider trading charges.
Town officials said at the time that the board unanimously voted to put Cronin on leave. Reserve officer Joseph Dupont was suspended by newly-named acting Chief George Nichols.
Get updates on what's happening in Boston to your inbox. Sign up for our News Headlines newsletter.
Both are facing federal charges tied to an alleged 2020 insider trading scheme.
According to the U.S. Attorney's office, Cronin and Dupont, who were described as childhood friends, and two others, used Dupont's position as a vice president at Alexion Pharmaceuticals to make illegal trades.
Local
In-depth news coverage of the Greater Boston Area.
Prosecutors allege that Dupont provided information on an upcoming acquisition of another company, Portola Pharmaceuticals, Inc. to Cronin before the information was public.
Cronin, prosecutors say, then bought Portola stock and out-of-the-money call options for Portola stock. Cronin is also accused of sharing the information with two other friends, identified as Slava Kaplan and Paul Feldman, who also made purchases.
It is alleged that Cronin, Kaplan and Feldman made more than $2.2 million in illegal profits.
Cronin, 43, who lives in Dighton, turned himself in and was charged with three counts of securities fraud under Title 15 and three counts of tender offer fraud, one count of securities fraud under Title 18, and one count of conspiracy to commit securities fraud and tender offer fraud.
Dupont, 44, who lives in Rehoboth, turned himself in and was charged with one count of Title 15 securities fraud and one count of tender offer fraud, and one count of securities fraud under Title 18.
Kaplan, of Hopewell Junction, New York, was arrested Thursday and charged with three counts of securities fraud under Title 15 and three counts of tender offer fraud, one count of securities fraud under Title 18, and one count of conspiracy to commit securities fraud and tender offer fraud.
Feldman, 48, of Poughquag, New York, was arrested Thursday and charged with six counts of securities fraud under Title 15 and six counts of tender offer fraud, one count of securities fraud under Title 18, and one count of conspiracy to commit securities fraud and tender offer fraud.
Get updates on what's happening in Boston to your inbox. Sign up for our News Headlines newsletter.
