A former MLB player is facing insider trading charges in court. Former Major League Baseball player Doug DeCinces has been accused of trading on non-public tips regarding Abbot Laboratories takeover of Advanced Medical Optics Inc. He recently asked a California federal court to instruct the jury in his insider trading case that certain testimony at trial will not apply to him.
DeCinces argued that testimony presented from Brian Fogarty, an athletics manager at the University of San Diego, does not apply to him. DeCinces played professionally in the 1970s and 1980s for several teams, mainly the Baltimore Orioles and the California Angels.
Insider Trading Charges and What They Mean
Insider trading occurs when someone uses non-public information to buy or sell securities, or passes along that information to another, who then buys or sells the securities. If you act on information not publicly available to make a profit through the securities market, you may be guilty of insider trading.
In this case, Fogarty claimed that DeCinces provided him with information regarding the potential takeover and that Decinces had received the insider information from James Mazzo, then CEO of Advanced Medical Optics. DeCinces argued that Fogarty’s testimony is hearsay, and therefore should not be used as evidence against him.
Navigating an Insider Trading Case
The legalities around what constitutes insider trading can be difficult to navigate. If you received a “tip” or other information that you believe is confidential in nature and not public, you should consult a qualified securities attorney before trading to make sure that you are acting appropriately.
Call an Insider Trading Attorney Today
Contact an attorney at The Fraud Report’s partner law firm, Dimond Kaplan & Rothstein, P.A. today to schedule an appointment or consultation to review your rights and options.
With offices in Los Angeles, our securities lawyers throughout Santa Monica, Beverly Hills, and Hollywood can assist you with any securities issues that you may be facing.