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Doug DeCinces, accused of insider trading, pays $2.5-million fine

August 4, 2011 |  2:58 pm

Decinces Former Angels baseball player Doug DeCinces has agreed to pay $2.5 million in penalties and interest to settle allegations that he used inside information to make more than $1.2 million in profits trading the stock of Santa Ana-based Advanced Medical Optics Inc. in 2009.

The Securities and Exchange Commission announced the settlement the same day that it filed a civil lawsuit detailing allegations that DeCinces, acting on an inside tip, bought more than 83,000 shares of Advanced Medical Optics in the weeks leading to its 2009 acquisition by Abbott Laboratories Inc.

DeCinces hit 237 home runs during his career in the major leagues. He played with the Angels from 1982 to 1986.

You can read more about the story on our Money and Company blog.

--Houston Mitchell

Photo: Doug DeCinces, left, and Tommy John during the 1982 ALCS. Credit: Associated Press.