Saturday, August 18, 2012

Where Are They Now: Eddie Murray

I can't think of many things worse than this first-pitch wardrobe. Except maybe getting nailed by the SEC.

Former Dodger Eddie Murray did not have a good day.

An alleged stock tip has gone from a home run to a strikeout for Hall of Fame baseball player Eddie Murray.

The onetime Dodgers first baseman agreed Friday to pay $358,151 to settle an investigation into whether he broke insider-trading laws when he bought shares of a Santa Ana company, allegedly on a tip from former major leaguer Doug DeCinces.

The Securities and Exchange Commission accused the longtime Baltimore Orioles superstar of making $235,314 in illegal profit on advance knowledge of the 2009 buyout of Advanced Medical Optics Inc. by Illinois-based Abbott Laboratories Inc.

Shares of Advanced Medical Optics, a medical eye-products company, shot up 143% after the acquisition was announced.

Murray, who is 25th on the all-time home run list, with 504 dingers, used all the available money in his brokerage account to buy 17,000 shares of Advanced Medical Optics after being tipped by DeCinces, according to the SEC. Murray sold all his shares after the deal was announced, the SEC said.

"It is truly disappointing when role models, particularly those who have achieved so much in their professional careers, give in to the temptation of easy money," Daniel M. Hawke, chief of the SEC's market abuse unit, said in a statement.


photo: Mitchell Layton, Getty Images (August 17, 2012)


Dusty Baker said...

And the thing is, he's broke. So SEC shouldn't count that fine in its budget any time soon.