Former tech exec admits to fraud involving a scheme to boost Getty Images shares, authorities say

SAN FRANCISCO (AP) — A former technology executive has pleaded guilty to a single count of fraud involving a scheme to artificially inflate the share price of photo and video distributor Getty Images, federal officials said Friday.

Robert Scott Murray, who was chief executive of the networking-equipment maker 3Com for several months in 2006, was charged with securities fraud for an alleged attempt to manipulate Seattle-based Getty's share price. Murray owned roughly 300,000 shares of Getty Images Holding Inc. in April 2023, according to a Department of Justice statement alleging that the investor sought to boost Getty's stock in order to unload his position for a greater profit.

According to statement by the Securities and Exchange Commission, Murray first issued a series of news releases calling on the company to sell itself or to add Murray to its board. Murray issued those releases through Trillium Capital, a self-described venture investment business in Massachusetts whose sole owner and manager was Murray himself, federal authorities said.

Then, on April 24, 2023, Trillium announced a supposed bid to acquire Getty Images outright at a price of $10 a share — nearly twice the stock's closing price a day earlier. While the company's stock rose that day, its price remained well short of $10.