|Published:||Aug 03, 2011 9:22 PM EDT|
|Updated:||Aug 03, 2011 8:22 PM EDT|
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.
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