Dighton Police Chief Shawn Cronin to resign while facing insider trading charges
DIGHTON – Dighton Police Chief Shawn Cronin announced he will resign effective September 30 as he faces insider trading charges.
Cronin and reserve officer Joseph Dupont were among five people charged in July for an alleged scheme that made more than $2.2 million in illegal profits.
Federal prosecutors say Dupont, 44, of Rehoboth, was a vice president at Alexion Pharmaceuticals, Inc. in January 2020 when he was informed of the upcoming acquisition of Portola Pharmaceuticals, Inc.
Before the acquisition was publicly announced, Dupont allegedly shared that information with Cronin, who is his childhood friend and was a sergeant in the police department at the time.
Based on the information, prosecutors said Cronin purchased shares of Portola stock as well as out-of-the-money call options for Portola stock. Cronin then allegedly shared that information with two other childhood friends, who were also charged.
After Alexion's acquisition of Portola was publicly announced in May 2020, Cronin and his friends sold their shares and call options, "reaping millions of dollars of illegally obtained trading profits," the US Attorney for New York said.
The Dighton Board of Selectmen announced on Monday it had been aware of Cronin's plan to resign.
"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," selectmen said in a statement.