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Hall of Famer Eddie Murray settles insider-trading case
Question of the Day
WASHINGTON (AP) — Eddie Murray made big money in baseball with his powerful swing from both sides of the plate.
According to the Securities and Exchange Commission, he had some illicit help after leaving the game.
The Hall of Fame slugger has agreed to pay $358,151 to settle federal civil charges of profiting in stock trades by using confidential information passed to him by a former teammate.
The SEC on Friday also announced related charges against James Mazzo, former CEO of Advanced Medical Optics, and businessman David Parker. The SEC said Mazzo provided illegal tips about a planned acquisition of Advanced Medical Optics by Abbott Laboratories in January 2009.
Mazzo passed the information to Murray’s former teammate, Doug DeCinces, who tipped off Murray and Parker, the SEC alleges in a civil lawsuit. DeCinces settled the SEC’s charges a year ago by agreeing to pay $2.5 million.
Murray, who retired in 1997 with more than 500 home runs and 3,000 hits, neither admitted nor denied wrongdoing but agreed to refrain from future violations of securities laws.
An attorney for Parker declined to comment.
The amount Murray is paying consists of:
— $117,657 as a civil penalty.
— $235,314 in restitution — the sum of his alleged illegal profits.
— $5,180 in interest.
By Matt Kibbe
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