Hall of Famer Eddie Murray has been charged with insider trading by the U.S. Securities and Exchange Commission, which alleges that the former Oriole made more than $230,000 in "illegal profits."
According to the SEC website, Murray is accused of insider trading on confidential information in anticipation of the acquisition of Advanced Medical Optics Inc. The SEC originally brought about the charges against Doug DeCinces, who played with Murray for Baltimore from 1977-81, and three others last August. Now, the SEC alleges that DeCinces tipped inside information to Murray and another businessman.
The group illegally made more than $1.7 million. The SEC is requiring the individuals to pay more than $3.3 million in return, an amount in which the group has agreed to redress.
Murray, who was elected to the Hall of Fame in 2003, has agreed to pay back nearly $360,000 to settle the SEC's charges.
DeCinces, 61, was an All-Star for the California Angels in 1983. He agreed last year to pay back $2.5 million.
"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," said Daniel M. Hawke, chief of the SEC enforcement division's market abuse unit.
According to the SEC's findings, Murray used all of the cash available to him in his brokerage account to purchase 17,000 shares of Advanced Medical Optics stock after DeCinces relayed confidential information to him. Murray then sold all of his shares following the public announcement.
Murray did not admit nor deny the SEC's allegations, but agreed to settle the charges. The 56-year-old won the American League Rookie of the Year Award for the Orioles in 1977 and starred for the club for 13 years and also played for the Dodgers, Angels, Mets and Indians during his 21-year career. Murray, who tallied 3,255 career hits, made eight All-Star teams and won three Gold Glove awards.