Orioles Hall-of-Famer Eddie Murray has agreed to pay $358,151 to settle charges that he illegally profited from an insider trading scheme involving former teammate Doug DeCinces, the U.S. Securities and Exchange Commission announced Friday.
Murray, who was in Baltimore last weekend for the unveiling of a statue of him at Camden Yards, made $235,114 in illegal profits, according to the SEC charges. In paying the settlement, Murray, 56, neither admitted to nor denied the allegations.
He has declined comment on his connection to the case several times since his name was linked to the investigation in June.
"All one needs to do is read paragraph two of the settlement document to understand that Eddie Murray is admitting no wrongdoing at all in this matter," said his Los Angeles attorney, Michael Proctor, in a statement. "Mr. Murray is an honorable man with a long record of honorable conduct. He has settled this to put the case to an end and get on with his life."
SEC officials painted a different picture.
"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's market abuse unit.
"It's a sad day," Hawke added. "We did not undertake the case without recognition of Mr. Murray's stature in Maryland. It's one of those situations where we wish it wasn't the case."
DeCinces, a former Orioles third baseman, paid a $2.5 million fine last year to settle insider trading charges against him.
The SEC alleges that on Jan. 7, 2009, Murray used all of the cash in a self-directed brokerage account to purchase 17,000 shares of California-based Advanced Medical Optics, a company chaired by DeCinces' neighbor. The SEC alleges that Murray, 56, sold all of the shares shortly after the company was purchased by Illinois-based Abbott Laboratories Inc. five days later.
The SEC also charged DeCinces' Laguna Beach, Calif., neighbor, James V. Mazzo, alleging that the former chairman and CEO of Advanced Medical Optics was the source of insider tips that led to more than $2.4 million in illegal profits.