Found November 28, 2012 on Fox Sports West:
LOS ANGELES (AP) -- Former Baltimore Orioles all-star Doug DeCinces and three others were indicted Wednesday on insider trading charges involving the use of information prior to the takeover of a medical device company in California, authorities said. 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 a share for the company's stock, prosecutors said. At the time, Advanced Medical Optics was trading for about 8 a share. DeCinces began buying Advance Medical stock based on that information and passed along the takeover details to three friends because he wanted to make up for previous investment recommendations that had gone bad, prosecutors said. When Abbott's offer was made public, DeCinces sold his newly purchased shares and profited about 1.3 million, court documents show. Abbott acquired Advanced Medical Optics in January 2009. DeCinces' three friends each bought and sold Advanced Medical stock and made anywhere from 140,000 to nearly 350,000, authorities said. Also indicted on insider trading charges were David Parker, 60, of Provo, Utah; Fred Scott Jackson, 65, of Newport Beach, and Roger Wittenbach, 69, of Lutherville-Timonium in Maryland. DeCinces, 62, was charged with 42 counts of securities fraud and one count of money laundering. Each of the fraud counts carries a maximum sentence of 20 years in prison. DeCinces is scheduled to appear in court on Dec. 17. "To put it mildly, we do not agree with the decision to bring a criminal case against Doug DeCinces," said Gordon Greenberg, DeCinces' attorney. "But the proper place to have this resolved is in the courtroom and not on the courthouse steps." Messages left for the other defendants' lawyers were not immediately returned. The Securities and Exchange Commission previously filed a civil lawsuit against DeCinces that was settled last year when the former major leaguer agreed to pay 2.5 million. In the lawsuit, federal authorities named James Mazzo, Advanced Medical's former CEO, as the person who told DeCinces about the pending deal. Mazzo is a senior vice president at Abbott and is not facing criminal charges. In August, in response to the SEC lawsuit, Mazzo's attorney said his client would be fully exonerated after a review of the evidence. Also caught up in the insider trading case was Hall of Famer and DeCinces' former teammate Eddie Murray, who agreed in August to pay nearly 360,000 to settle federal civil charges. Federal investigators said DeCinces told Murray about the impending takeover. Murray neither admitted nor denied wrongdoing. DeCinces was a third baseman during 15 seasons with the Orioles, California Angels and St. Louis Cardinals. He currently is president and CEO of a real estate development firm in Orange County.
THE BACKYARD
BEST OF MAXIM
AROUND THE WEB
RELATED ARTICLES

APNewsBreak: DeCinces indicted for insider trading

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...

Former All-Star DeCinces indicted

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...

Orioles Sign Three

The Orioles select the contract of two right-handed pitchers and an outfielder.

Baltimore Orioles Acquire Danny Valencia from Boston Red Sox, a Good Move?

Yesterday, the Baltimore Orioles announced the acquisition of 3B Danny Valencia from the Boston Red Sox in exchange for cash considerations. INF Joe Mahoney was the unfortunate designation for assignment in order to make room on the 40-man roster for Valencia.   So who is this guy? Good question, Valencia is 28 years old and [...] [[ This is a content summary only. Visit my website...

Stop asking Jim Johnson about starting

I think we can finally put the “Would Jim Johnson make a good starting pitcher?” questions to bed for good. Johnson, who set an Orioles record with 51 saves last season, has been quoted in the past as saying he would like to be a starter. It’s been a topic of discussion for several years, with even the great Jim Palmer endorsing J.J. as a starter on several occasions. However...

Orioles obtain infielder Valencia from Red Sox

The Baltimore Orioles have acquired infielder Danny Valencia from the Boston Red Sox for cash. The 28-year-old Valencia played in 44 games with Minnesota and Boston last season. He hit a combined .188 with three homers and 21 RBIs. Valencia broke into the majors in 2010 with the Twins and had his best season in 2011, batting .246 with 15 homers and 72 RBIs in 154 games. To make...
Today's Best Stuff
For Bloggers

Join the Yardbarker Network for more promotion, traffic, and money.

Company Info
Help
What is Yardbarker?

Yardbarker is the largest network of sports blogs and pro athlete blogs on the web. This site is the hub of the Yardbarker Network, where our editors and algorithms curate the best sports content from our network and beyond.