William Marovitz Settles Payboy Insider Trading Charge
William A. Marovitz is the husband of Christie Hefner, the former chief executive of Playboy, and he was accused of trading on insider information learned from his wife. He is said to have gained $100,000 and he agreed to pay $168,000 in penalties, disgorgement and interest to settle the case.
“Despite instructions from his wife that he should not trade in shares of Playboy and a warning from the general counsel of Playboy about his buying or selling Playboy stock, Marovitz bought and sold shares of Playboy in his own brokerage accounts between 2004 and 2009 ahead of public news announcements,” said the complaint.