Dighton Police Chief Resigns Amid Insider Trading Scandal
DIGHTON (WBSM) — The embattled Chief of Police in Dighton, placed on leave back in June after being charged by the U.S. Securities and Exchange Commission with insider trading, is stepping down from his position.
Dighton Board of Selectmen Chairman Peter D. Caron issued a statement Monday announcing Shawn P. Cronin’s decision to resign.
“The Dighton Board of Selectmen has been made aware of Police Chief Shawn P. Cronin's intention to resign from his position as chief of the Dighton Police Department effective Saturday, Sept. 30,” Caron said.
“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,” he said.
Caron’s statement said that no further comment would be made, since it is a personnel matter.
The Dighton Board of Selectmen met in emergency session on June 29 and voted unanimously to place Cronin on administrative leave after the SEC filed charges against him and five others earlier that day, alleging insider trading in relation to May 2020 pharmaceutical company acquisition that led the group to make a combined total of $4 million in profits off the information.
Also on June 29, the board also unanimously voted to name Administrative Sergeant George Nichols to the position of Acting Chief of Police, and Nichols then suspended Reserve Officer Joseph Dupont, who was a vice president for the acquisition team in the pharmaceutical deal.
At the time of his being placed on leave, Cronin had only been chief for a little under a year, being promoted to the position in July 2022, and had been with the department for about 16 years.
The SEC alleges that Cronin profited from the information received from Dupont in the sum of $72,000. It is also alleged that Cronin shared the information with two friends, who then shared it with other friends and family.