SEC Suspends Ex-Trillium Capital CEO for Stock Manipulation Scheme

The U.S. Securities and Exchange Commission announced that it has suspended Robert Scott Murray, a chartered professional accountant and former chief executive officer of Trillium Capital LLC, a venture investment firm, following his conviction for orchestrating a fraudulent scheme to inflate the stock price of Getty Images.

According to a press release from the United States Attorney’s Office District of Massachusetts, between October 2022 and April 2023, Murray amassed roughly 300,000 shares and additional options contracts in Getty Images Holdings, Inc. (NYSE: GETY), a well-known visual media company.

Murray initially attempted to influence Getty’s corporate strategy and lobby for a seat on the board. When those efforts failed, he used Trillium Capital to issue a fake acquisition offer at $10 per share, nearly double the stock’s closing price at the time, in a press release published before the market opened on April 24, 2023. The announcement caused Getty’s stock price to surge by 56%, reaching $7.88 at the opening bell. Within the hour, Murray sold all his shares for a profit of $227,543 above market value.

Murray then attempted to mask his manipulation by publicly defending the bogus takeover bid as genuine in media interviews. Behind the scenes, he encouraged an associate to delete incriminating text messages and obstruct investigators. He also lied to federal agents during the subsequent investigation.

In October 2024, Murray was convicted of one count of securities fraud and sentenced to 10 months’ imprisonment in a federal penitentiary and ordered to pay $227,543 in restitution.

According to the SEC, the suspension was ordered pursuant to Rule 102(e)(2) of the SEC’s Rules of Practice, which mandates the immediate suspension of professionals convicted of crimes involving moral turpitude, such as securities fraud.

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