Former MLB star convicted on insider trading charges after netting $1.3M
Doug DeCinces, who spent 15 seasons in Major League Baseball with the Baltimore Orioles and Los Angeles Angels, was convicted Friday on 13 counts of insider trading stemming from stock tips he received from a friend.
According to the Orange County Register, DeCinces was accused of receiving insider information from James Mazzo, a Laguna Beach neighbor who owned Santa Ana-based Advanced Medical Optics.
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Federal prosecutors stated that DeCinces also passed the inside information on to his friend David Parker of Ladera Ranch and other DeCinces family members and acquaintances. DeCinces and Parker each reportedly netted $1.3M as a result. Parker was convicted on three felony counts.
Here’s more from the Orange County Register:
The bulk of the trial focused on trades the defendants made prior to Advanced Medical Optics being bought out by larger Abbott Laboratories. The 2008 merger came as Advanced Medical Optics, which made equipment for LASIK surgery as well as contact lens-related products, struggled to deal with falling revenue and rising debt in the midst of a Wall Street crash.
Prosecutors alleged that DeCinces was tipped by Mazzo to the impending merger between the two companies. Abbott ultimately agreed to purchase Advanced Medical Optics at around four times the stock price at which it was trading.
Jurors took four days to deliberate following an exhaustive two-month trial.
A sentencing date was not immediately set, but the judge will allow DeCinces and Parker to remain free pending their sentencing hearing, according to reports. Each count carries a potential maximum sentence of 20 years in federal prison.
DeCinces, 66, debuted with the Orioles in 1973. After nine seasons in Baltimore, he was traded to the then-California Angels. In 1982, he produced a career-high 30 home runs and 97 RBIs. One year later, he earned his lone All-Star selection, but his season was ultimately cut short by injury. He retired after appearing in four games for the St. Louis Cardinals in 1987.
DeCinces, finished as a .259/.329/.445 over 1,649 career games and ended up with 237 home runs. That’s a pretty good career by any standard, but it will almost certainly be overshadowed now by his legal issues.
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Mark Townsend is a writer for Big League Stew on Yahoo Sports. Have a tip? Email him at bigleaguestew@yahoo.com or follow him on Twitter!
