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Eddie Murray, ex Baltimore Orioles player, settles insider trading charges

Eddie Murray, a former player for the Baltimore Orioles, has settled insider trading charges filed by the SEC.

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Former Baltimore Orioles player Eddie Murray addresses fans during the unveiling of his bronze sculpture before a baseball game against the Kansas City Royals on August 11, 2012 at Orioles Park at Camden Yards in Baltimore, Maryland. (Mitchell Layton/Getty Images)

Hall of Fame baseball player Eddie Murray has agreed to pay $358,151 to settle insider trading charges filed by the Securities and Exchange Commission (SEC) on Friday.

The SEC accused Murray of trading in shares of Advanced Medical Optics after receiving a tip from his former Baltimore Orioles teammate Doug DeCinces that the company was about to be taken over by Abbot Laboratories in January 2009, Reuters reported.

CNN Money reported that DeCinces got the highly sensitive information from his neighbor, James Mazzo, who was the chief executive of Advanced Medical Optics at the time of the acquisition.

"Eddie Murray is admitting no wrongdoing whatsoever – the settlement agreement confirms that fact," Murray's lawyer, Michael Proctor, was quoted by Reuters as saying. 

"He has settled this to put the case to an end and get on with his life."

The Associated Press reported that the SEC has also charged Mazzo and businessman David Parker.

DeCinces last year paid $2.5 million to settle charges filed against him.

The SEC said Murray, who was nicknamed “Steady Eddie” for his batting skills, made $235,314 in illegal profits from trading on the information.

Murray retired from Major League Baseball in 1997 and was inducted into the Baseball Hall of Fame in 2003.

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http://www.globalpost.com/dispatch/news/regions/americas/united-states/120817/eddie-murray-baltimore-orioles-insider-trading-charges