Just over a year ago, the Securities and Exchange Commission charged ex-major leaguer Doug DeCinces and three other men with insider stock trading. According to the SEC, the quartet cleared $1.7 million in their trades, and ultimately paid $3.3 million in fines to settle their case.
SEC Nabs Eddie Murray For Insider Trading
Baseball Hall of Famer Eddie Murray has been charged by the SEC with insider stock trading, and he will pay a significant fine to settle the case.
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Friday, Hall of Fame first baseman Eddie Murray -- DeCinces' teammate on the Orioles for a number of years -- was charged in the same case:
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...
“It is truly disappointing when role models, particularly those who have achieved so much in their professional careers, give in to the temptation of easy money,” said Daniel M. Hawke, Chief of the SEC Enforcement Division’s Market Abuse Unit and Director of the Philadelphia Regional Office.
Just last week, a statue of Murray was unveiled at Baltimore’s Oriole Park.
There are still charges pending against other individuals in the case. If you’re into this sort of thing, that link before the block-quote will give you all the wonderful details.
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