Jun 1, 2024, 1:26 AM
May 31, 2024, 11:24 PM

Former tech exec confesses to fraudulent scheme aimed at boosting Getty Images shares, officials report

Highlights
  • A former tech executive has admitted to committing fraud involving a scheme to artificially raise the stock price of Getty Images shares.
  • Federal officials have confirmed the guilty plea in the case where the company Getty Images was manipulated for financial gain.
  • The confession shines light on the unethical practices in the tech industry and the consequences faced by those involved.
Story

A man named Robert Scott Murray, who used to be a boss at a tech company, admitted to doing something wrong. He confessed to tricking people into thinking a company's stock was worth more than it really was. This company, Getty Images, sells photos and videos. Murray had a plan to make Getty's stock price go up so he could sell his shares for more money. He owned about 300,000 shares of Getty Images in April 2023. He wanted to make Getty's stock price higher so he could sell his shares and make a big profit. Murray did some things to try to make Getty's stock price go up. He sent out news releases saying Getty should sell itself or let him join their board. He did this through a company he owned called Trillium Capital. Then, on April 24, 2023, Trillium said they wanted to buy all of Getty Images for $10 per share. This was much more than what the stock was worth. Getty didn't believe this offer was real and said it was not a serious proposal. They also said Trillium didn't show any proof they could actually buy Getty. The government found out that Murray was not being honest. They said he didn't even try to get the money needed to buy Getty. Instead, he quickly sold all his Getty shares for over $1.4 million. Murray didn't want to talk about what he did. People tried to contact him, but they couldn't reach him. He will have to go to court in Boston because of what he did.

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