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HOFer Murray charged with insider trading
U.S. baseball Hall of Famer Eddie Murray was named in a second round of charges in an insider trading case, the Security and Exchange Commission said Friday.
The SEC brought initial charges in the case last year, accusing former ball player Doug DeCinces and three others of insider trading on ahead of an acquisition of Advanced Medical Optics Inc. DeCinces and the others made more than $1.7 million in illegal profits and they agreed to pay more than $3.3 million to settle the SEC’s charges.
Murray and another friend, businessman David L. Parker, traded on the inside information they received from DeCinces, the SEC said in a release.
The SEC’s action Friday alleged Murray made $235,314 in illegal profits after Abbott Laboratories Inc. publicly announced its plan to buy Advanced Medical Optics. Murray agreed to settle the SEC’s charges by paying $358,151, the regulatory agency said.
The SEC’s action Friday named the source of the illegal tips about the transactions — DeCinces’ friend and neighbor James V. Mazzo, the chairman and chief executive officer of Advanced Medical Optics.
The SEC is still pursuing its case against Parker and Mazzo.
Copyright 2012 by United Press International