Former Sox player Richardson settles insider trading charges

By Todd Wallack, Globe Staff

A former Major League infielder, who played briefly for the Red Sox, has settled allegations that he committed insider trading, federal regulators said Friday.

Jeffrey S. Richardson, who played three seasons in the major leagues, including 15 games with the Red Sox, allegedly bought stock in Genesis Energy LP of Houston in 2007 after learning from an inside source that the company was on the verge of acquiring several energy-related firms. He allegedly also tipped off two family members and a friend about the deal, the Securities and Exchange Commission said.

The SEC charged Richardson with insider trading this week, accusing him and his associates of collectively making a profit of $88,026.

To settle the allegations, Richardson agreed to give up the profits, plus $21,534 in interest and a pay a civil penalty of $88,026. The settlement is subject to court approval.

Richardson, 46, played with the Cincinnati Reds in 1989, the Pittsburgh Pirates in 1991 and the Red Sox in 1993, according to Baseball-almanac.com. Richardson had a .176 career batting average and batted just .208 in 24 at-bats with the Red Sox. He now lives in Grand Island, Neb.

Richardson told the Omaha World-Herald that it was cheaper to settle the case than to pay the legal fees to contest it.

“We don’t feel like we did anything wrong,” Richardson told the paper. “To fight these guys in Washington, the expense it would have cost, is just crazy.”

Todd Wallack can be reached at twallack@globe.com.