William Marovitz, Husband Of Ex-Playboy CEO Christine Hefner, Accused Of Insider Trading
NEW YORK, N.Y. - The husband of former Playboy Enterprises CEO Christie Hefner has been accused of using inside information in making more than $100,000 trading Playboy stock.
The Securities and Exchange Commission says William Marovitz made trades in the magazine publisher's shares between 2004 and 2009 based on non-public information and despite his wife's instructions not to do so.
The civil case filed in federal court in Illinois says Marovitz traded Playboy shares based on information from his wife about the company's earnings, stock offerings and a potential acquisition. She was CEO until January 2009.
The government says the trades resulted in profits or avoided losses totalling over $100,000.
Marovitz did not immediately respond to a telephone message left at his office.
Playboy, founded by Christie Hefner's father Hugh, went private in March.