Reported 4 months ago
A former tech executive, Robert Scott Murray, has pleaded guilty to fraud for attempting to artificially inflate the share price of Getty Images in order to profit from selling his 300,000 shares. Murray, who briefly served as 3Com's CEO in 2006, manipulated Getty's stock by issuing misleading news releases through his venture investment business, Trillium Capital, falsely claiming a bid to acquire Getty for $10 a share. Murray swiftly sold his Getty shares for nearly $1.5 million after the stock price rose due to the false bid. Murray faces charges and will appear in federal court in Boston at a later date.
Source: YAHOO