Eddie Murray: Baseball Legend Charged with Insider Trading by SEC

Hall of Famer Eddie Murray has been charged with insider trading by the U.S. Securities and Exchange Commission after allegedly being tipped by former teammate Doug DeCinces in January 2009, according to Bloomberg News and The New Jersey Star-Ledger.

Murray has agreed to pay $358,151 after making $235,314 in profits following Abbott Laboratories Inc.'s acquisition of Advanced Medical Optics Inc. in 2009.

DeCinces and three others paid $3.3 million last year after allegedly reaping $1.7 million from the acquisition.

Murray, 56, racked up 504 home runs and 3,255 hits in his 21-year career. He was inducted into the Hall of Fame in 2003 as only the third player in Major League Baseball history to register 500 home runs and 3,000 hits in his career. 

This is yet another case of financial fraud committed by a professional athlete who has been out of the game. Murray was an eight-time All-Star and three-time Gold Glove winner in his career, and he won a championship in 1983 with the Baltimore Orioles. Yet he's done damage to his reputation off the field during retirement.

It comes as a bit of a shock to those who knew Murray closely. He's made various donations to the Baltimore City Parks and Recreation Department and the Baltimore Community Foundation since the late 1980s. Greed has never come to mind when talking about the Hall of Famer.

Hopefully, Murray learns from his mistake and moves on. Perhaps it will serve as a reminder to those thinking about engaging in insider trading or illegal activity—it doesn't pay off in the long run.