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- Special FINRA Election to Fill Large Firm Governor Vacancy
- Chicago-Based Investment Adviser Sentenced to 151 Months in Prison - SEC
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- SEC Charges Additional Defendant in Fraudulent ICO Scheme
- Warren Buffett Simply Blew it on Wells Fargo Stock: Dick Bove (Video)
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
- Billionaire HF Manager and The Fed Chair Runner-Up are Investing in New Cryptocurrency
- Court Finds 2 Brokers Liable for Fraud Involving Mortgage-Backed Securities
- One FINRA: An Organization’s Commitment to Diversity and Inclusion
- 2018 GASB Accounting Support Fee to Fund the Governmental Accounting Standards Board
- Barclays Eyes Move Into Cryptocurrency Trading
- Goldman Breaks From Wall Street Pack with Bond-Trading Boom
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NEWSLETTERS & ALERTS
Ex-Orioles All-Star Guilty of Insider Trading
by Howard Haykin
For all his accolades as an all-star third baseman with the Baltimore Orioles and the California Angeles, Doug DeCinces succumbed to greedy temptation and traded on insider information – that according to the verdict reached by a federal jury in California. DeCinces was also convicted on charges that he passed along the inside tip to his friend and co-defendant, David Parker, and other DeCinces family members and acquaintances.
Federal prosecutors convinced the jurors that DeCinces knowingly netted $1.3 million in illicit profits by acquiring more than 90,000 shares of Advanced Medical Optics prior to a public announcement in 2009 that it was to be acquired by Abbott Labs. Prosecutors also alleged that Parker and 13 others made another $1.3 million in illicit profits by trading on tips received from DeCinces.
In the final verdict, the jury convicted DeCinces, 66, on 14 of 29 counts of felony. The jury also convicted David Parker, 65, on 3 felony counts, but was deadlocked on all 18 counts against supposed tipper, James Mazzo, 60 – a Laguna Beach neighbor who owned Santa-Ana based Advanced Medical Optics. Prosecutors haven’t announced if they will re-try Mazzo.
DeCinces, 66, now faces a maximum sentence of 20 years in federal prison. Ken Julian, an attorney for DeCinces, said he planned to ask for a new trial.
SEC SETTLEMENT ON SAME INSIDER TRADING CHARGES. In August 2011, the SEC charged DeCinces, along with Mazzo and Parker, of insider trading. DeCinces eventually paid $2.5 million to settle the SEC charges. Eddie Murray, the Hall of Famer with the Orioles, paid $358,000 to settle SEC charges he traded on tips provided by DeCinces.
A little more than a year later, DeCinces and the others were criminally indicted.