Former baseball star Doug DeCinces was convicted Friday of insider trading for a stock buy that earned him more than $1 million.
Following a 28-day trial, the jury deliberated for almost seven days before finding the former Baltimore Orioles third baseman guilty on 14 counts of insider trading, according to a spokesman for the U.S. Attorney's Office.
As a result of the verdicts, DeCinces, 66, of Laguna Beach, and Parker, 65, of Provo, Utah, respectively face statutory maximum penalties of 220 years and 60 years in federal prison.
Eight jurors voted guilty and four not guilty on each of the deadlocked counts, according to the jury foreperson's report to U.S. District Judge Andrew Guilford. A sentencing date has not been set.
DeCinces reportedly cleared about $1.3 million when Advanced Medical Optics was bought out by Abbott Laboratories in 2008 for about four times the price at which the former company's stock was being traded.
Fourteen other people made another $1.3 million after DeCinces passed on the tip to friends and family members, prosecutors alleged.
A mistrial was declared for the company CEO, James Mazzo, after the jury deadlocked.
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DeCinces attorney, Ken Julian, indicated that he plans to file a motion for a new trial, although he declined to outline his arguments for doing so. After the merger was made public, Advanced Medical Optics' stock price increased by 143%, court filings state.
Prosecutors alleged that DeCinces was tipped by Mazzo to the impending merger between the two companies. "They won big. They won because they knew tomorrow's news today".
Asked how 12 jurors could convict DeCinces of trading on confidential corporate information while some of them found that the man who allegedly gave him the information was not guilty, Julian said, "That is a fantastic question".
The defense denied the allegations and accused the government of conducting a biased and shoddy investigation.
One-time baseball star Doug DeCinces has been convicted of federal insider trading in California.
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. That same year he came in third in American League MVP voting losing out to Robin Yount and the aforementioned Eddie Murray. He stayed with the Angels through 1987 and finished his career with St. Louis the same year.
In 1988, DeCinces played for the Tokyo Yakult Swallows in Japan. But he didn't finish the season because of back problems and then retired.
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