Former Oriole Doug DeCinces Indicted In Insider Trading Case
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LOS ANGELES (AP) — Former Baltimore Orioles third baseman Doug DeCinces and three others have been indicted on insider trading charges for allegedly profiting from information prior to the takeover of a Southern California medical device company.
DeCinces was charged Wednesday with 42 counts of securities fraud and one count of money laundering. He is scheduled to appear in court Dec. 17.
Prosecutors say DeCinces received information from an official at Advanced Medical Optics, Inc. regarding a takeover offer by Abbott Laboratories. Authorities say DeCinces made about $1.3 million after he bought stock in Advanced Medical Optics and sold it soon after Abbott’s tender offer was publicly announced.
DeCinces last year agreed to pay $2.5 million to settle a civil lawsuit filed by the Securities and Exchange Commission.
It wasn’t immediately known if DeCinces had retained an attorney.
(Copyright 2012 by The Associated Press. All Rights Reserved.)