Doug DeCinces acted on a hot tip and now finds himself in hot water.
The former Major League Baseball player was convicted Friday in a California court on 14 felony counts of insider trading, according to The Orange County Register’s Sean Emery. DeCinces, an American League All-Star in 1983, could serve up to 20 years in prison on each count.
DeCines was accused of profiting $1.3 million on non-public information about Advanced Medical Optics, a company which made equipment for LASIK surgery and contact lens-related products. He passed on knowledge of an impending merger to at least six of his family and friends, who also made a similar amount on the sale of the company’s stock.
Prosecutors alleged DeCinces received the information from his neighbor and ex-Advanced Medical Optics CEO James Mazzo, but jurors were deadlocked over whether Mazzo actually gave DeCinces the stock tip before it became public knowledge.
DeCinces, 66, played nine seasons with the Baltimore Orioles between 1973 and 1982. Baltimore traded him to the then California Angels, with whom he earned an All-Star selection. He played just four games with the St. Louis Cardinals before retiring in 1987 with 237 career home runs.
No sentencing date has been set for DeCines.
Thumbnail photo via Kirby Lee/USA TODAY Sports Images
Powered by WordPress.com VIP