Former Angels Player Doug DeCinces Found Guilty of Insider Trading; Profited $1.3 Million
Former Angels third baseman Doug DeCinces was convicted Friday of insider trading stemming from allegations that he received stock tips from a neighbor that garnered him about $1.3 million in profits.
DeCinces was indicted in 2012 on 13 counts of insider trading after prosecutors alleged he benefited from inside information from his neighbor James Mazzo, who was chief executive of Advanced Medical Optics Inc., a Santa Ana-based medical supply company.
Friday’s jury verdict, which convicted DeCinces on all counts, ended a nearly two-month trial in U.S. District Court in Santa Ana that centered on stock trades made before Advanced Medical Optics was bought by Abbott Laboratories in 2008. At the time, Advanced Medical Optics was struggling with mounting debt and revenue losses.
Prosecutors alleged that Mazzo tipped off DeCinces about the companies’ merger before it happened. DeCinces bought additional stock in Advanced Medical Optics and tipped off his friend David Parker, along with family members and his physical therapist, authorities said. Parker, of Utah, bought 25,000 shares of Advanced Medical Optics stock, according to court filings.
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