Feds accuse investor of $4 billion “pump and dump” scheme

Source: Axios

“When Trillium offered to buy Getty Images for $4 billion in April 2023, the Boston-based investment firm wouldn’t disclose how it planned to finance the deal or how much money it managed. That’s because Trillium didn’t plan to actually buy Getty, and its brokerage account had a balance of just $17.32. The SEC and DOJ on Friday both charged Trillium and its CEO Scott Murray with securities fraud, essentially claiming that the Getty episode was a pump-and-dump scheme. Murray, who has been both CEO and director of public companies, agreed to plead guilty to one count of securities fraud.” (06/03/24)