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Trillium Capital Manager Charged in Getty Images Stock Scam
BOSTON – In a brazen scheme to line his own pockets, a 60-year-old Mashpee man has been charged with securities fraud and agreed to plead guilty, federal authorities announced Wednesday.
Robert Scott Murray, 60, of Mashpee, Massachusetts, will face one count of securities fraud, a charge that carries a maximum sentence of up to 20 years in prison, up to three years of supervised release and a fine of up to $5 million.
According to the U.S. Attorney’s Office, Murray allegedly issued press releases and sent emails in the name of Trillium Capital LLC, a “venture investment company” he owned and managed, urging Getty Images Holdings, Inc. to add him to its board of directors. When that effort failed, Murray made false and misleading statements to artificially inflate the trading price of Getty Images stock, allowing him to sell his shares at an inflated price.
On April 21, 2023, Getty Images shares closed at $5.06 per share. Just three days later, Murray caused the publication of a press release in which Trillium Capital proposed to acquire Getty Images for $10 per share. The next day, Getty Images shares traded at $7.88 per share, nearly 56 percent above the prior closing price.
Murray allegedly sold all of his Getty Images shares on April 24, 2023, for approximately $1,486,467. His friend, who had bought Getty Images shares at Murray’s direction, also sold shares on the same day for approximately $558,328.
As the investigation closed in, Murray allegedly instructed his friend to delete text messages related to the scheme and to lie to law enforcement if questioned.
The Securities and Exchange Commission has filed a civil complaint against Murray alleging violations of the securities laws. The case is being prosecuted by Assistant U.S. Attorney Christopher J. Markham of the Securities, Financial & Cyber Fraud Unit.
The details contained in the charging document paint a picture of a sophisticated and cynical scheme to manipulate the stock market for personal gain.
Acting United States Attorney Joshua S. Levy and Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigations, Boston Division, made the announcement. The Securities and Exchange Commission provided valuable assistance with the investigation.
Key Facts
- State: Massachusetts
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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