Posted August 17, 2012

SEC charges Baltimore Orioles great Eddie Murray with insider trading

MLB

The Securities and Exchanged Commission have charged MLB Hall of Famer Eddie Murray with insider trading. (Mitchell Layton/Getty Images)

The U.S Securities and Exchange Commission charged former Baltimore Orioles Hall of Famer Eddie Murray with inside trading on Friday, according to the SEC website.

The Securities and Exchange Commission today announced a second round of charges in an insider trading case involving former professional baseball players and the former top executive at a California-based medical eye products company that was the subject of the illegal trading.

The SEC is accusing former baseball player Doug DeCinces and three others of insider trading on confidential information ahead of an acquisition of Advanced Medical Optics Inc. DeCinces and three others made more than $1.7 million in illegal profits and have agreed to pay more than $3.3 million back to settle the SEC’s charges. One of those implicated was Murray.

The SEC alleges that Murray made approximately $235,314 in illegal profits after Illinois-based Abbott Laboratories Inc. publicly announced its plan to purchase Advanced Medical Optics through a tender offer. Murray agreed to settle the SEC’s charges by paying $358,151.


0 comments