Former tech exec admits to fraud involving a scheme to boost Getty Images shares, authorities say
How many shares of Getty Images did Robert Scott Murray own, and what was his alleged motive behind inflating the share price?
Robert Scott Murray owned roughly 300,000 shares of Getty Images Holding Inc. in April 2023. His alleged motive behind inflating the share price was to boost Getty's stock in order to unload his position for a greater profit.
What specific fraudulent actions did Robert Scott Murray admit to in relation to manipulating Getty Images' share price?
Robert Scott Murray admitted to a single count of fraud involving a scheme to artificially inflate the share price of Getty Images. According to the Department of Justice statement, Murray owned roughly 300,000 shares of Getty Images Holding Inc. in April 2023, and he sought to boost Getty's stock in order to unload his position for a greater profit. He first issued a series of news releases calling on the company to sell itself or to add him to its board. Murray issued those releases through Trillium Capital, a self-described venture investment business in Massachusetts whose sole owner and manager was Murray himself. Then, on April 24, 2023, Trillium announced a supposed bid to acquire Getty Images outright at a price of $10 a share, which was nearly twice the stock's closing price a day earlier3. The SEC called this bid "false and misleading" and 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 offer3.
On what date did Trillium Capital announce its bid to acquire Getty Images, and what was the proposed acquisition price per share?
Trillium Capital announced its bid to acquire Getty Images on April 24, 2023, and the proposed acquisition price per share was $10.