MA Police Chief Implicated In Insider Trading Case, Placed On Leave

DIGHTON, MA — Dighton Police Chief Shawn Cronin was placed on administrative leave Thursday, according to a statement from the town. Cronin and Reserve Officer Joseph Dupont are two of four people facing federal charges in a 2020 insider trading scheme.

Prosecutors are accusing Dupont, a vice president at Alexion Pharmaceuticals, of providing information on an upcoming acquisition of Portola Pharmaceuticals to Cronin prior to the information being public, according to NBC Boston. Cronin and two other friends then allegedly purchased stock and out-of-the-money-call options in Portola.

The group then reportedly made more than $2.2 million in illegal profits.

Cronin surrendered to authorities Thursday and was charged with three counts of securities and tender offer fraud, WCVB-5 ABC reported. Each count has a maximum prison sentence of 20 years. Dupont also surrendered to Massachusetts authorities.

The Dighton Board of Selectmen voted unanimously in an emergency session Thursday to place Police Chief Shawn P. Cronin on administrative leave.

The board then also voted unanimously to name Administrative Sergeant George Nichols to the position of acting chief of police.

Immediately after being named to the position, Nichols suspended Dupont, according to the town statement.