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'Pillow Talk' Insider Trading Case
The SEC cracked a long-running "pillow talk" insider scheme with some undercover sleuthing. Actually, the SEC accused former Illinois state Senator William Marovitz, the husband of Christie Hefner, of insider trading in ... Playboy Enterprises stock. Ms. Hefner is the former CEO of Playboy Enterprises.
Marovitz agreed to settle SEC charges he generated $100,000 in illicit gains by trading on confidential information gleaned from his wife. Mr. Marovitz, will $168,000 in penalties, disgorgement and interest.
Among the news Marovitz traded on, according to the SEC qwew Playboy’s negative earnings announcements, a stock offering and Playboy’s potential acquisition by the Iconix Brand Group.
“Despite instructions from his wife that he should not trade in shares of Playboy and a warning from the general counsel of Playboy about his buying or selling Playboy stock, Marovitz bought and sold shares of Playboy in his own brokerage accounts between 2004 and 2009 ahead of public news announcements." -- SEC Complaint.
To access the PG-rated SEC Complaint, go to: [Dealbook, 8/3/11]
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