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A “well-known” retired ballplayer is the focus of an insider trading probe

Jun 8, 2012, 9:12 AM EDT

Gekko

A lot of ballplayers retire comfortably in sunny California. Some, the Securities and Exchange Commission believe, may be retiring too comfortably:

An ongoing insider trading investigation by U.S. prosecutors in Los Angeles is focusing on a retired, well-known baseball player and several other former athletes whose names have not yet been disclosed, said two people familiar with the situation.

The former athletes under scrutiny – mainly a group of professional baseball players – are allegedly part of what one U.S. investigatory government official described as “a loose federation of people” sharing important market-moving information about various companies before it becomes public.

Last year former Orioles third baseman Doug DeCinces got popped for $2.5 million for trading on an inside tip.  I grew up with the guy, but I’m not sure that I’d call him a “well-known” baseball player, so it’s likely a bigger name than that.

Wouldn’t it blow your mind if it was Canseco? And he was playing crazy in order to hide the fact that he was masterminding a sophisticated insider trading ring?  That would be pretty cool.

(thanks to Dennis T. for the heads up)

  1. kiwicricket - Jun 8, 2012 at 9:15 AM

    But Lenny is already in jail?

    • Utley's Hair - Jun 8, 2012 at 11:47 AM

      Nah…it’s not Lenny—they’re looking for players that MADE money.

  2. 18thstreet - Jun 8, 2012 at 9:18 AM

    Schilling.

    • kiwicricket - Jun 8, 2012 at 9:44 AM

      Hopefully

    • jarathen - Jun 8, 2012 at 10:39 AM

      Only because his last name is so ripe for two types of hilarious double-meanings when it comes to financial disaster.

  3. manute - Jun 8, 2012 at 9:21 AM

    Any way Steve Garvey isn’t involved?

    • yankeesgameday - Jun 8, 2012 at 9:57 AM

      Garvey was the first name I thought of too

    • hittfamily - Jun 8, 2012 at 10:29 AM

      There’s no way Garvey isn’t involved!!! The dude is scum. He went broke from fathering multiple out of wedlock children, only to try to buy the Dodgers last year. Where’d all that money come from? His trashy infomercials?

      bad morals: check
      unaccounted-for money: check
      Rebublican: check
      owns a sleazy business: double check (infomercials for god’s sake, seazier than porn)
      Friends in the know: check (he wined and dined McCourts buddies).

      When I heard he wanted to buy the Dodgers, I truly felt like this previously bankrupt guy had done some shady stuff to amass that fortune. I have a gut feeling this is him.

      • raysfan1 - Jun 8, 2012 at 11:59 PM

        Dems have plenty of financial scandals too. Easy example is former IL governor Blagojevich. Greed is a human failing, not a political one.

  4. number42is1 - Jun 8, 2012 at 9:58 AM

    I bet its Moricai “three finger” brown

    • WhenMattStairsIsKing - Jun 8, 2012 at 3:48 PM

      The most dangerous 135 year old I know.

  5. rcali - Jun 8, 2012 at 10:28 AM

    How come every time I hear about a retired baseball player in legal hot water I think of Barroid Bonds?

  6. barrywhererufrom - Jun 8, 2012 at 11:20 AM

    Who leaks this crap?

    • Jeremy T - Jun 8, 2012 at 4:41 PM

      well that’s not a pleasant mental image…

  7. deathmonkey41 - Jun 8, 2012 at 1:43 PM

    Tommy Lasorda told me in private that he believes the player is f#cking Kurt Bevacqua

  8. hojo20 - Jun 8, 2012 at 1:56 PM

    Pete LaCock?

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