Now in Legal Rebels:
Posted Aug 03, 2011 07:34 pm CDT
Warned by his wife and the company’s general counsel not to trade in shares of Playboy stock, attorney William Marovitz, who has been married since 1995 to Christie Hefner, a former Playboy Enterprises Inc. CEO and the daughter of company founder Hugh Hefner, did so anyway.
The result was a $168,352 settlement with the U.S. Securities and Exchange Commission by attorney and former Illinois state senator William Marovitz, 66, Bloomberg reports. He did not admit to any wrongdoing but agreed to the judgment.
Marovitz made $100,952 on insider trades, says a complaint filed today by the SEC in federal court in Chicago and provided by the Wall Street Journal’s Deal Journal blog. An SEC press release says Marovitz relied on confidential information he misappropriated from his wife, who was then the company CEO.
His lawyer, Jim Streicker, said Marovitz declined to comment on the allegations but noted that Marovitz “lost substantial sums of money on his investments in Playboy over the years.”