WASHINGTON – Former Baltimore Orioles third baseman Doug DeCinces was charged with insider trading Thursday.
DeCinces, 60, made almost $1.3 million trading on advance word about a 2009 merger in the medical technology industry, the Securities and Exchange Commission alleged in a civil complaint.
He tipped off three friends, including his physical therapist, who also profited from trading on the information, the SEC said.
Without admitting or denying wrongdoing, DeCinces, settled the case by agreeing to pay $2.5 million, the SEC said.
DeCinces, a one-time All-Star, played in the major leagues from 1973 to 1987. The Orioles traded him to the California Angels in 1982, creating an opening on the team for upstart Cal Ripken. He also played for the Yakult Swallows in 1988.
DeCinces now heads a real estate development firm in Irvine, California.
Beginning in late 2008, a source the SEC did not name gave DeCinces inside information about an impending takeover of Advanced Medical Optics by Abbott Laboratories, the SEC complaint said.