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:
“... whilst you are proclaiming peace and good will to men, Emancipating all Nations, you insist upon retaining absolute power over wives. But you must remember that Arbitrary power is like most other things which are very hard, very liable to be broken—and notwithstanding all your wise Laws and Maxims we have it in our power not only to free ourselves but to subdue our Masters, and without violence throw both your natural and legal authority at our feet ...”
—Abigail Adams (1744–1818)
“The disfranchisement of a single legal elector by fraud or intimidation is a crime too grave to be regarded lightly.”
—Benjamin Harrison (1833–1901)
“If he who breaks the law is not punished, he who obeys it is cheated. This, and this alone, is why lawbreakers ought to be punished: to authenticate as good, and to encourage as useful, law-abiding behavior. The aim of criminal law cannot be correction or deterrence; it can only be the maintenance of the legal order.”
—Thomas Szasz (b. 1920)