A former Major League baseball player and three others were charged and fined by the SEC for allegedly engaging in insider trading in 2009.
Doug DeCinces -- a former third baseman who played for several teams including the Baltimore Orioles and the California Angels during his 15-year career -- agreed to pay a $2.5 million dollar fine to the SEC for insider trading.
The SEC alleged that DeCinces made over $1.7 million dollars after receiving confidential information on Abbott Laboratories Inc. plans to purchase Advanced Medical Optics Inc. DeCinces received information from an Advanced Medical Optics employees and used it to buy more than 83,000 shares of Abbott Laboratories shares.
DeCinces and his associates neither admitted nor denied the charges, the SEC said.
DeCinces was inducted into the Orioles' Hall of Fame in 2006. He made his last major league baseball appearance in 1987 with the St. Louis Cardinals.