Jury selection will begin Tuesday in the insider-trading trial of Doug DeCinces, a third baseman for the California Angels from 1982- 87, and the chief executive of a Santa Ana-based eye care company.
DeCinces, 66, is accused along with co-defendant James V. Mazzo of Advanced Medical Optics Inc. of an insider-trading scheme that netted DeCinces more than $1.3 million in one deal.
Prosecutors allege that Mazzo was the source of the tips he gave to DeCinces in exchange for help getting into an exclusive Newport Beach country club. David Parker, a friend of DeCinces, is a co-defendant.
Prosecutors allege that Mazzo, who had information about a merger, shared it with DeCinces before it was public knowledge. Mazzo’s company was planning to acquire IntraLasc, so DeCinces sold all of his shares in Mazzo’s company and picked up IntraLasc stock, prosecutors allege.
After the news went public, DeCinces sold the new shares and made about $33,000, prosecutors allege.
Prosecutors will also argue that Mazzo tipped DeCinces in the summer of 2007 about Mazzo’s company’s attempt to acquire Bausch and Lomb, prompting DeCinces to sell $250,000 of that stock and acquire Bausch and Lomb shares hours before the plans were announced.
Prosecutors also allege Mazzo tipped DeCinces in late 2008 and early 2009 about his company’s plan to be acquired by Abbot Laboratories, prompting the ex-ballplayer to liquidate his stocks, invest those profits in Mazzo’s company and then passed along the inside information to several others.
After Abbot’s acquisition, DeCinces made a profit of about $1.3 million selling his friend’s company’s shares, prosecutors allege.
—City News Service