Former California Angels third baseman Doug DeCinces was convicted Friday on 14 counts of insider trading stemming from stock tips he received from a friend, an ex-CEO of Santa Ana-based eye care company.
According to the Associated Press, DeCinces was found guilty on 13 federal insider trading charges after he purchased stock in Advanced Medical Optics eight years ago that eventually netted him a $1.3 million profit.
The jury Friday convicted Parker of three counts of insider trading. DeCinces and Parker were allowed to remain free on bond until sentencing. The jury was unable to reach a unanimous verdict on. Watching from the courtroom audience were a half-dozen DeCinces family members and friends who sat through the entire trial.
Those criminal charges came after DeCinces in 2011 agreed to pay $2.5 million to resolve an earlier civil case by the U.S. Securities and Exchange Commission over the same deal, without admitting or denying wrongdoing.
A mistrial was declared by the judge in the trial for Mazzo and it is unknown whether federal prosecutors plan to retry him.
None of the jurors were available for interviews Friday to discuss their findings or to explain why some of them voted to convict DeCinces but acquit Mazzo.
"Obviously, this is a disappointment for everybody involved", Julian told the Register. "This is not the end". A hearing date was not immediately set.
The case revolved around the 2009 merger of Advanced Medical Optics, a struggling company that made equipment for LASIK surgery and contact lens-related products, and a larger company called Abbott Laboratories. After the merger was made public, Advanced Medical Optics' stock price increased by 143%, court filings state. Prosecutors said DeCinces, 66, used the stock tips to make $1.3 million as the Great Recession crushed the stock market.
DeCinces, said federal prosecutors then sent the insider information to David Parker a friend as well as other family members of his and some acquaintances.
DeCinces started his baseball career with the Baltimore Orioles in 1973 and went on to become a third-place runner up in the American League MVP vote with the Angels in 1982, when he hit a career best 30 home runs and 97 RBIs.
The Angels released DeCinces in 1987, and he played four games for the St. Louis Cardinals that season.