Dighton police chief resigns after feds charge him with insider trading

The police chief of Dighton resigned this week after he was charged in an insider trading scheme that allegedly netted more than $2.2 million.

Chief Shawn Cronin will officially step down Saturday, according to a statement from the chair of the Dighton Board of Selectmen.

"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," select chair Peter Caron said.

Federal prosecutors in New York charged Cronin in June for his role in the illicit trading scheme. Cronin and four others allegedly used confidential information about a pharmaceutical company’s acquisition of another company to reap gains illegally.

Investigators said Dighton reserve officer Joseph Dupont, a friend of Cronin, was vice president of Boston-based Alexion Pharmaceuticals Inc. Dupont allegedly learned the company would soon acquire another, and told Cronin before the news was public.

The group then sold stock after the price went up, according to prosecutors. Cronin allegedly received about $72,000.

Cronin and Dupont were suspended in June.

The Massachusetts Peace Officer Standards and Training Commission also suspended Cronin's certification in August, affecting his ability to find work at another police department in the state.

Cronin could not be reached for comment Tuesday.