DIGHTON, MASS. (WHDH) - Dighton’s police chief is on paid administrative leave and a reserve officer is off the job after they were among five people charged with federal insider trading charges.
Dighton Police Chief Shawn Cronin was allegedly tipped off to the impending merger of two pharmaceutical companies and with that information, according to the federal complaint filed by the Securities and Exchange Commission.
The tipster, the SEC said, was Joseph Dupont, who worked with Cronin as a reserve officer for the Dighton Police Department. Dupont also worked at one of the pharmaceutical companies, according to the SEC.
With knowledge of the merger, the SEC said Cronin and others made stock trades that earned them more than $2.3 million in ill-gotten gains. Cronin allegedly received $72,000.
Cronin was placed on paid administrative leave pending the outcome of an administrative investigation during an emergency meeting of the Dighton Select Board Thursday night.
During the same meeting, the board also named an interim police chief who immediately suspended Dupont.
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