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- SEC Adopts Statement and Interpretive Guidance on Public Company Cybersecurity Disclosures
- SEC Charges Former Bitcoin Exchange and Its Founder With Fraud
- JPMorgan Chase to Replace NYC Headquarters with 70-Story Skyscraper
- Citigroup Raises CEO Corbat's Pay 48% to $23Mn
- Should Congress Create a Crypto-Cop?
- JPMorgan Weighs Buying an Exchange-Traded Funds Firm
- Hey, Goldman Sachs: Wanna Buy BNY Mellon?
- SEC Order Rejecting Acquisition of Chicago Stock Exchange (CSX) by Chinese-Baesd Company
- Kyle Moffatt Named Chief Accountant in SEC CorpFinance
- SEC Suspends Trading in 3 Issuers Claiming Involvement in Cryptocurrency and Blockchain Technology
- Karen Garnett, Assoc. Director of SEC CorpFinance, to Leave After 23 Years of Service
- Louisiana Adviser Barred for Hiding Losses from Investors
- Connecticut HF Manager Illegally Diverted Investor Money - Now Owes Nearly $13Mn
- White House Cleaning House of Advisors Without Full Security Clearance
- Goldman Projects 30% Growth in Wealth Management Advisor Force
- Whistleblower Alleges Manipulation of CBOE Volatility Index
- FINRA Looking Into VIX (CBOE Volatility Index) Manipulation: WSJ
- Atlanta-Area Resident Charged with Misusing Investor Funds - SEC
- FINRA Announces 2018 West Region Networking Seminar
- Alberto Arevalo, Associate Director in Office of International Affairs, to Retire From SEC
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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.