CHICAGO (CBS) — The former state Senator husband of former Playboy chief executive officer Christie Hefner is paying a hefty price for insider trading.
William Marovitz is accused by the Securities and Exchange Commission of making trades in Playboy stock between 2004 and 2009, based on non-public information he learned from his wife about earnings, stock offerings and a potential acquisition.
Marovitz made the trades even though his wife instructed him not to act on the information, the SEC alleges.
The government says the trades resulted in profits or avoided losses totaling over $100,000.
Marovitz never admitted guilt, but he will pay a fine of nearly $170,000, U.S. District Judge John W. Darrah ordered Wednesday.
Marovitz is a former Illinois State lawmaker, having served in the Illinois House of Representatives from 1974 to 1980 and in the state Senate from 1980 to 1993. He served terms as chairman of the Senate Judiciary Committee and vice chairman of the State Public Health Committee, and was an ardent champion of gun control, the Better Boys Foundation recalls.
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