Former Orioles third baseman Doug DeCinces gets time served for insider trading
Aug 13, 2019 | 12:08 AM
Former Orioles third baseman Doug DeCinces was spared a prison term after being found guilty of insider trading two years ago for making more than $1 million off a tip from a friend who was the CEO of Advanced Medical Optics.
A federal judge in Santa Ana, California, sentenced the ex-major leaguer Monday to time served after agreeing with prosecutors that a day spent in incarceration was enough for DeCinces, who cooperated with a U.S. investigation. He was ordered to serve eight months in home detention and two years of court-supervised probation.
In a federal courtroom filled with family and friends, DeCinces told U.S. District Judge Andrew Guilford he accepted responsibility for his actions and asked for leniency.
"I know what I did at that moment was wrong," he said. "I beat myself up more times than you can imagine."
DeCinces wiped his eyes as Baseball Hall of Famer Rod Carew, his former teammate on the California Angels, spoke on his behalf.
James Mazzo, ex-CEO of Santa Ana-based Advanced Medical Optics, had faced charges of providing non-public information about the eye-care products company's pending merger with pharmaceutical giant Abbott Laboratories to DeCinces, his neighbor in Laguna Beach, California.
But after two juries deadlocked over the charges against Mazzo — even after DeCinces testified against him in the second trial — the government dropped the case before a third trial. Mazzo agreed to pay more than $1 million to settle civil insider trading claims by the Securities and Exchange Commission, the Orange County Register newspaper reported in December.
DeCinces was an Oriole from 1973 to 1981, then spent parts of six seasons with the Angels before finishing his career with four games on the St. Louis Cardinals. He hit 237 career home runs and batted .259.
Prosecutors said he liquidated his stock portfolio at a loss to buy Advanced Medical Optics shares and passed the information on to his friends to make up for prior investment advice that had gone bad.