Ex-MLB All-Star charged with insider trading

Ex-MLB All-Star charged with insider trading
August 4, 2011, 8:29 pm
Share This Post

From Comcast SportsNet Thursday, August 4, 2011

WASHINGTON (AP)Former Major League Baseball all-star Doug DeCinces hassettled insider trading charges with federal regulators over 1.7 million inillegal trades.The Securities and Exchange Commission says DeCinces received an insider tipin late 2008 that Advanced Medical Optics would be acquired by AbbottLaboratories Inc. The SEC says he bought shares of Advanced Medical Opticsthrough brokerage accounts while his source updated him on the deals progress. He shared the information with three associates who also made illegal trades,the SEC says. DeCinces agreed to pay 2.5 million to settle the case without admitting ordenying guilt. The three associates also settled.DeCinces is a former third-baseman who played 15 seasons for the Baltimore Orioles, the California Angels, and the St. Louis Cardinals.