Federal officials say a former technology executive has pleaded guilty to fraud involving a scheme to artificially boost the share price of photo and video distributor Getty Images.
FILE - A sign for the Seattle office of Getty Images stands, Feb. 25, 2008, in Seattle. A former technology executive has pleaded guilty to a single count of fraud involving a scheme to artificially inflate the share price of the stock photo house Getty Images, federal officials said Friday, May 31, 2024.
Robert Scott Murray, who was chief executive of the networking-equipment maker 3Com for several months in 2006, was charged with securities fraud for an alleged attempt to manipulate Seattle-based Getty's share price. Murray owned roughly 300,000 shares of Getty Images Holding Inc. in April 2023, according to a.
The SEC called the bid “false and misleading,” noting that Murray and Trillium made no effort to raise the funds necessary for the acquisition. What's more, the SEC noted that “Murray started to liquidate his Getty Images stock within minutes after the market opened on April 24, without even waiting for Getty to respond to his announced offer.” The Justice Department statement asserted that Murray sold all of his Getty shares “within less than one hour for approximately $1,486,467.
Murray could not be reached for comment. An email directed to an address on the Trillium website bounced back to The Associated Press, while multiple calls to Trillium's published phone number yielded only busy signals.Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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