Feds accuse investor of $4 billion "pump and dump" scheme

When Trillium offered to buy Getty Images for $4 billion in April 2023, the Boston-based investment firm wouldn't disclose how it planned to finance the deal or how much money it managed.

That's because Trillium didn't plan to actually buy Getty, and its brokerage account had a balance of just $17.32.

The latest: The SEC and DOJ on Friday both charged Trillium and its CEO Scott Murray with securities fraud, essentially claiming that the Getty episode was a pump-and-dump scheme.

Murray, who has been both CEO and director of public companies, agreed to plead guilty to one count of securities fraud.

Trillium and Murray also agreed to a settlement with the SEC that includes a ban on participating in certain securities activities, civil penalties, and disgorgement.

Behind the scenes: If the allegations in the SEC's complaint are accurate, then Murray is one of the most brazen and dumbest corporate crooks in recent memory.