For the second time in two days, the SEC has sued a “Hall of Famer.” Yesterday it was Jim Donnan of the College Football Hall of Fame and today it was former Baltimore Oriole Eddie Murray, who was inducted into the Baseball Hall of Fame in 2003.
In a lawsuit filed today, the SEC alleged that Murray was tipped off about an imminent acquisition of a company called Advanced Medical Optics Inc. by his former Oriole teammate, Doug DeCinces. DeCinces’ allegedly learned about the acquisition from his close friend and neighbor, who was the CEO of Advanced Medical, and tipped Murray and others about the deal. The SEC claims that Murray purchased Advanced Medical securities, and later made over $235,000 in illegal profits after the acquisition was announced. Murray agreed to settle the SEC’s charges by paying disgorgement of $235,314, prejudgment interest of $5,180, and a penalty of $117,657 for a total of $358,151.
