Legal
On August 17, 2012, the U.S. Securities and Exchange Commission charged Murray with insider trading. The SEC alleged that Murray had "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." Specifically, the SEC alleged that Murray had received a "tip" of confidential information about the impending purchase offer before the offer was publicly announced, bought stock in Advanced Medical Optics because of the tip, and then sold the stock for the profits after the stock increased in value after Abbott Laboratories' plans were publicly announced. According to the SEC, Murray received the tip from his former Baltimore Orioles teammate, Doug DeCinces, with whom he remained close friends after baseball. One year earlier, DeCinces had agreed to pay $2.5 million to settle the SEC's insider trading charges against him in the same case.
Murray agreed to settle the SEC's charges by paying a total of $358,151, without admitting or denying any wrongdoing.
Read more about this topic: Eddie Murray
Famous quotes containing the word legal:
“No oppression is so heavy or lasting as that which is inflicted by the perversion and exorbitance of legal authority.”
—Joseph Addison (1672–1719)
“Narrative prose is a legal wife, while drama is a posturing, boisterous, cheeky and wearisome mistress.”
—Anton Pavlovich Chekhov (1860–1904)
“The disfranchisement of a single legal elector by fraud or intimidation is a crime too grave to be regarded lightly.”
—Benjamin Harrison (1833–1901)