Posted November 28, 2012 on AP on Fox
Former Baltimore Orioles All-Star Doug DeCinces and three others were indicted Wednesday on insider trading charges for using and profiting from information prior to the takeover of an Orange County medical device company, authorities said. DeCinces, 62, was charged with 42 counts of securities fraud and one count of money laundering. Each of the securities fraud counts carries a maximum sentence of 20 years in prison. DeCinces is scheduled to appear in court Dec. 17. In 2008, DeCinces was told by a close friend and official at Advanced Medical Optics, Inc. that Abbott Laboratories planned to pay $21 to $23 per share of the company's stock, prosecutors said. At the time, Advanced Medical Optics was trading about $8 a share. DeCinces began buying Advance Medical's stock, based on that information, and also passed along the takeover details to three friends because he wanted to make up for previous investment recommendations that had gone bad, prosecutors said. Once Abbott's offer...
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