Nov 29, 2012, 7:46 AM EDT
Back in 2011 former Orioles and Angels third baseman Doug DeCinces was charged with insider trading arising out of a tip he received regarding the buyout of a medical devices company by Abbott Labs. It was a civil charge, filed by the SEC, and he settled the charges for $2.5 million.
But civil charges weren’t good enough, it seems, because he has now been charged criminally in the matter: he was indicted yesterday on 42 counts of securities fraud and a count of money laundering. Each of the fraud counts carries a maximum sentence of 20 years in prison.
Obviously it’s hard to get details from an AP report, but unless this involves something totally different than the case which he settled (civilly, anyway) in 2011, I don’t know how you wring 42 charges out of it. He got a tip. He told a few friends. They bought stock and cashed out. About as simple as it gets.
He reportedly made $1.3 million out of the transaction so it’s possible that instead of one big buy he purchased stock in, like, 21 separate buys and the feds are charging each one. They tend to do things like that.
- Cuba’s best pitching prospect is on his way to America 17
- Will Smith suspended for eight games for the foreign substance on his arm 56
- Will Smith’s ejection once again shows baseball’s silly approach to foreign substance rules 48
- And That Happened: Thursday’s scores and highlights 95
- Who really owns a home run ball? 65
- The story behind the Nationals squirting chocolate syrup on each other after big wins 43
- And That Happened: Wednesday’s scores and highlights 130
- Bryce Harper on Marvin Hudson ejection: “I don’t think 40,000 people came to watch him ump” 130
- Bryce Harper on Marvin Hudson ejection: “I don’t think 40,000 people came to watch him ump” (130)
- And That Happened: Wednesday’s scores and highlights (130)
- Bryce Harper ejected for second time in a week (122)
- GM Dan Jennings to be named the Marlins new manager. And it’s a terrible idea. (111)
- And That Happened: Tuesday’s scores and highlights (101)