Feds Probe Allegations Of Insider Trading By Former Oriole Eddie Murray
BALTIMORE (WJZ)-- His work in Major League Baseball (MLB) made him a star. But it's his financial performance that has former Oriole Eddie Murray under investigation for insider trading.
Derek Valcourt has more on an investigation by the securities and exchange commission.
So far, Murray hasn't been charged with any wrongdoing. But published reports indicate federal authorities are looking into whether he made money based on insider information.
Murray established himself as one of baseballs best hitters. With more than 500 home runs and 3,000 hits on his record, he'd earned the nickname Steady Eddie, and helped the take the Orioles to their 1983 World Championship.
Twenty years later, he found himself inducted into the Baseball Hall of Fame.
Now, Reuters reports Murray is under investigation by federal prosecutors and securities regulators for possible insider trading.
At issue: Did Murray trade on inside information that Abbott Laboratories was about to acquire advanced medical optics for $2.8 billion back in 2009?
Murray's attorney told our media partner, The Baltimore Sun: "Government prosecutors investigated this in 2009 and have done nothing. Eddie Murray conducted his affairs ethically."
Legal expert Professor Byron Warnken explains federal investigators take insider trading seriously.
"You and I as investors in the market, we want us to have the same advantages or disadvantages that everyone else has. Which is why you're not allowed to take inside information that is not public information and profit from it," Prof. Warnken of www.warnkenlaw.com said.
Murray isn't the only former Oriole caught up in this same insider trading investigation.
Murray's former Oriole teammate Doug DeCinces agreed to pay $2.5 million in fines after federal prosecutors charged him with insider trading saying he made more than $1.2 million dollars on that same Abbott Laboratories buyout of advanced medical optics.
So far, no charges have been filed against Murray. His lawyer did not respond to calls from WJZ.
Camden Yards will dedicate a statue of Murray later this summer.
