Getty Image Scheme: Murray Admits to Fraud

BOSTON – Robert Scott Murray, 60, of Mashpee, Massachusetts, pleaded guilty yesterday to a brazen scheme to artificially inflate the trading price of Getty Images Holdings, Inc. (GETY) and then cover his tracks. The former CEO, driven by greed, manipulated the market for a quick $1.4 million payday, leaving investors to foot the bill.

According to court documents, Murray, the sole owner and manager of Trillium Capital LLC, a self-described “venture investment company,” attempted to strong-arm his way onto Getty Images’ board of directors in April 2023. When that failed, he resorted to outright deception. Murray, who held approximately 300,000 GETY shares at the time, unleashed a barrage of false and misleading press releases and media statements, all designed to pump up the stock price.

The scheme reached its peak on April 24, 2023. Trillium Capital issued a press release announcing a proposal to acquire Getty for $10 per share – a blatant attempt to create artificial demand. The tactic worked. When the market opened, GETY shares jumped to $7.88, a staggering 56 percent increase from the previous day’s close of $5.06. Murray didn’t waste time. Within an hour, he dumped all his shares for a cool $1,486,467. His accomplice, a friend he’d previously instructed to buy shares, also cashed out at Murray’s direction, raking in another $558,328.

But Murray didn’t stop at the financial crime. In a desperate attempt to cover his tracks, he instructed his friend to delete all text message exchanges and to lie to federal investigators. He even offered a chilling analogy: “text messages are like virginity, once you delete your virginity you ain’t getting it back.” When questioned by law enforcement in February 2024, Murray flatly denied ever telling his friend to purchase Getty shares – a lie that quickly unraveled.

Murray now faces up to 20 years in prison, three years of supervised release, and a fine of up to $5 million. Sentencing is scheduled for October 3, 2024, before U.S. District Court Judge Denise J. Casper. The Securities and Exchange Commission has also filed a civil complaint against Murray, alleging violations of securities laws. This case underscores the relentless pursuit of financial criminals by federal authorities.

Acting United States Attorney Joshua S. Levy and Jodi Cohen, Special Agent in Charge of the FBI’s Boston Division, announced the guilty plea. The SEC provided critical support during the investigation. Assistant U.S. Attorney Christopher J. Markham of the Securities, Financial & Cyber Fraud Unit is handling the prosecution.