Insider trading at Playboy
Hugh Hefner's son-in-law forced to pay huge fine to US regulators
The son-in-law of Playboy founder Hugh Hefner was forced to pay $168,352 to US regulators to settle claims of insider dealing between 2004 and 2009, The Times reports. Citing documents relating to William Marovitz's divorce from Hefner's daughter Christie, the paper says he repeatedly used information gained from his wife to trade Playboy stock.
Christie Hefner, who is now chief executive of Playboy, had expressly told Marowitz not to trade in the shares but he repeatedly bought and sold in the run up to major corporate announcements, triggering an investigation by the US Securities and Exchange Commission. ·