Dighton police chief resigns amidst charges of insider trading

DIGHTON -- Embattled Police Chief Shawn Cronin, who is facing charges of insider trader, is resigning after being in the post for a little over a year.

"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," selectmen Chair Peter Caron said Monday.

Cronin has been chief since July 2022.

"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," Caron said. "As this is a personnel matter, no further comment will be made."

In late June, selectmen placed Cronin on administrative leave after the chief and a reserve officer were charged in a federal indictment alleging insider trading.

Cronin in August was added to a state list of officers not certified to work.

The Consolidated List of Officer Certification Status included Cronin on the suspended list, according to the Massachusetts Peace Officer Standards and Training (POST) commission.

Administrative Sgt. George Nichols is acting chief.

Nichols suspended Reserve Officer Joseph Dupont, 44, of Rehoboth, for his alleged involvement in the insider trading scheme.

Cronin, Dupont, two of their friends and a fifth individual were indicted on charges related to the acquisition of Portola Pharmaceuticals by Alexion Pharmaceuticals in 2020, when Dupont was a vice president at the company.

Alexion is a Boston-based AstraZeneca subsidiary that focuses on creating drugs to treat rare diseases.

The defendants allegedly made more than $2.2 million by illegally trading Portola stocks based on knowledge of the acquisition before it was made public, the U.S. Attorney's Office said.

The defendants face a separate civil complaint filed by the Security and Exchange Commission that says Cronin received $72,000 in the alleged scheme.

Dupont allegedly told Cronin, a childhood friend, of the acquisition in April 2020 when Cronin was a sergeant. Cronin, with Dupont's help, allegedly purchased shares and options of Portola stock.