A Massachusetts-based venture capitalist, Robert Scott Murray, was sentenced today in Boston’s federal court for orchestrating a securities fraud scheme designed to inflate the trading price of Getty Images Holdings, Inc. (NYSE: GETY). Murray, 61, will serve 10 months in prison and two years of supervised release, as ordered by U.S. District Judge Denise J. Casper. Additionally, he faces forfeiture of $227,543 in illicit gains. Murray, who pleaded guilty in June 2024 to one count of securities fraud, had previously led several public companies, including Stream Global Services and 3Com, before founding and managing Trillium Capital LLC.

The Fraudulent Scheme

Between October 2022 and April 2023, Murray purchased approximately 300,000 shares of Getty Images, along with various options contracts, as part of an attempt to influence the company’s stock price. His initial strategy involved using Trillium Capital to pressure Getty Images to alter its business strategy and secure a seat for himself on its board of directors. When these efforts proved unsuccessful, Murray allegedly devised a plan to artificially boost Getty’s stock price through a fabricated takeover bid.

By issuing a sham acquisition offer through Trillium Capital, Murray intended to raise Getty’s trading price temporarily, enabling him to sell his holdings at the inflated price. According to federal prosecutors, Murray’s actions constituted a clear violation of securities laws, as the intent behind the bid was not a genuine interest in acquiring Getty Images but rather a means to profit from the price manipulation.

Sentencing and Industry Implications

This case underscores the SEC and DOJ’s commitment to prosecuting securities fraud, particularly schemes that manipulate public markets and deceive investors. Executives and investors who attempt to artificially influence stock prices through deceptive practices are increasingly subject to both financial penalties and prison sentences, reinforcing the legal system’s stance on transparency and fairness in the securities markets.

For more details, read the full DOJ press release.

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