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Friday, August 17, 2012

Hall of Famer Eddie Murray charged with insider trading, settles with SEC

Earlier this week the Orioles honored Eddie Murray with a statue at Camden Yards—the rest of his week isn’t going as swimmingly.

The Securities and Exchanges Commission released a statement that it is bringing charges against the Hall of Famer for insider trading. The SEC reported he has agreed to a settlement.

From the release:

  The SEC brought initial charges in the case last year, accusing former professional baseball player Doug DeCinces and three others of insider trading on confidential information ahead of an acquisition of Advanced Medical Optics Inc. DeCinces and his three tippees 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.

  Now the SEC is charging the source of those illegal tips about the impending transaction – DeCinces’s close friend and neighbor James V. Mazzo, who was the Chairman and CEO of Advanced Medical Optics. The SEC also is charging two others who traded on inside information that DeCinces tipped to them – DeCinces’ former Baltimore Orioles teammate Eddie Murray and another friend David L. Parker, who is a businessman living in Utah.

  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. The SEC’s case continues against Parker and Mazzo, the latter of whom was directly involved in the tender offer and tipped the confidential information to DeCinces along the way.

Thanks to Butch.

Repoz Posted: August 17, 2012 at 05:39 PM | 14 comment(s) Login to Bookmark
  Tags: orioles

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   1. Bob Tufts Posted: August 17, 2012 at 05:51 PM (#4210962)
And the SEC and CFTC still haven't charged Eddie Murphy for that orange juice insider trading scheme from deacdes ago......
   2. The George Sherrill Selection Posted: August 17, 2012 at 05:55 PM (#4210965)
The Orioles should tear down his statue.
   3. Pat Rapper's Delight (as quoted on MLB Network) Posted: August 17, 2012 at 06:17 PM (#4210995)
What effect will this have on his Hall of Fame chances?
   4. Walt Davis Posted: August 17, 2012 at 06:28 PM (#4211011)
Interesting that Murray's name was kept out of it this long. And nice to see the SEC going after the big boys!
   5. Mayor Blomberg Posted: August 17, 2012 at 06:29 PM (#4211012)
The Statue Must Go.

sorry; right sympathy, wrong thread.

EDIT: ehhh, shoulda read 2 first.
   6. bobm Posted: August 17, 2012 at 07:57 PM (#4211084)
Keith Hernandez has never been charged with insider trading, and yet he's not in the Hall of Fame.
   7. Swoboda is freedom Posted: August 17, 2012 at 08:03 PM (#4211090)
I guess the returns on his stock portfolio were not quite Steady Eddie.
   8. AROM Posted: August 18, 2012 at 12:13 AM (#4211192)
David Parker?

I'm assuming it's not 1978 MVP David Parker by the description, but a strange coincidence that the third name the same as another star player who played in the 1979 World Series.
   9. Darren Posted: August 18, 2012 at 12:37 AM (#4211197)
Well, now the economy is safe!
   10. zenbitz Posted: August 18, 2012 at 03:22 AM (#4211221)
What do you think is more common (in 2012) PED abuse by baseballers, or insider trading (by anyone)?
   11. ERROR---Jolly Old St. Nick Posted: August 18, 2012 at 07:34 AM (#4211231)
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.

If only the SEC would apply the same mathematical formula to some of our more prominent (and ambitious) insider traders.
   12. Bhaakon Posted: August 18, 2012 at 08:11 PM (#4211624)
What do you think is more common (in 2012) PED abuse by baseballers, or insider trading (by anyone)?


Among professional brokers, I see the parallel, but I suspect that a lot of laymen don't realize that exploiting a hot tip from a friend with some sort of insider information is illegal.
   13. shoewizard Posted: August 18, 2012 at 09:06 PM (#4211660)
So which inside trade do you think was Eddie Murray's best inside trade ?
   14. zenbitz Posted: August 19, 2012 at 11:25 AM (#4211868)
Among professional brokers, I see the parallel, but I suspect that a lot of laymen don't realize that exploiting a hot tip from a friend with some sort of insider information is illegal.


That could be likened to players taking OTC supplements that just happen to have testosterone precursors in them.

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