NEW YORK (AP) - The husband of former Playboy Enterprises CEO Christie Hefner, accused of using inside information in trading Playboy stock, has agreed to pay almost $170,000 to settle the case.
The Securities and Exchange Commission says William A. Marovitz made trades in the magazine publisher's shares between 2004 and 2009 based on non-public information and despite instructions from his wife not to do so. The agency said the five trades helped him either make profits or avoid losses of $100,952.
The civil case, filed Wednesday in Illinois, says Marovitz bought and sold Playboy shares based on information from his wife about the company's earnings, stock offerings and a potential acquisition.
Without admitting or denying the allegations, Marovitz agreed to pay $168,352 to settle the case.
The settlement is subject to court approval.
(Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)