NEW YORK — The husband of former Playboy Enterprises chief executive Christie Hefner was accused Wednesday of using inside information in trading Playboy stock and has agreed to pay almost $170,000 to settle the case.
The Securities and Exchange Commission said William A. Marovitz made trades in the magazine publisher’s shares between 2004 and 2009 based on nonpublic information and despite instructions from his wife and the company’s attorney not to do so. The agency said the five trades helped him either make profits or avoid losses of $100,952. The civil case said Marovitz bought and sold Playboy shares based on information from his wife about the company’s earnings, stock offerings and a potential acquisition. News of talks of a sale to Iconix Brand Group in 2009 sent Playboy shares up 42 percent.
Hefner, the daughter of company founder Hugh Hefner, was CEO until January 2009. Christie Hefner and Marovitz were married in 1995. The Associated Press
