WASHINGTON -- Former Major League Baseball All-Star Doug DeCinces has settled insider trading charges with federal regulators over $1.7 million in illegal trades.
The Securities and Exchange Commission says DeCinces received an insider tip in late 2008 that Advanced Medical Optics would be acquired by Abbott Laboratories Inc. The SEC says he bought shares of Advanced Medical Optics through brokerage accounts while his source updated him on the deal's progress. He shared the information with three associates who also made illegal trades, the SEC says.
DeCinces agreed to pay $2.5 million to settle the case without admitting or denying guilt. The three associates also settled.