Doug DeCinces used to make headlines as an all-star Orioles third baseman in the 1970s and early 80s. More recently, though, DeCinces found himself making news for a less cheerful reason: After buying up a medical company’s stock on a friend’s tip, he was accused of insider trading.DeCinces, who made $1.2 million in profit on the trade, agreed to pay the SEC a $2.5 million settlement (ouch). But that apparently wasn’t good enough, and DeCinces was then indicted on criminal charges of insider trading and money laundering.
But now that the nation’s top appeals courts are narrowing the definition of insider trading, DeCinces might be off the hook (though that’s not certain, yet, either). Hopefully he’s since taken up a less illegal way to make money, like selling old baseball cards or something.
