The U.S. Securities & Exchange Commission said this week that it settled the case against the final five defendants in an insider trading scheme involving involving large corporate mergers. In August 2017, U.S. authorities accused seven individuals of reaping more than $5 million in illicit profits based on tips from Daniel Rivas, whose work at Bank […]
Insider Trading
Ex-Oriole DeCinces draws time served on insider trading conviction
A federal judge in California reportedly sentenced former professional baseball player Doug DeCinces to time served this week after his conviction on insider trading charges related to the $2.8 billion acquisition of Advanced Medical Optics by Abbott (NYSE:ABT) in 2009. Federal prosecutors in 2014 accused ex-AMO CEO James Mazzo of tipping former Orioles and Angels player […]
Feds drop insider trading, perjury charges against ex-AMO chief Mazzo
Federal prosecutors this week dropped perjury and insider trading charges against former Advanced Medical Optics CEO James Mazzo related to AMO’s $2.8 billion acquisition by Abbott (NYSE:ABT) in 2009 in light of two hung juries, according to court documents. Judge Andrew Guilford for the U.S. District Court for the Central District of California ordered a dismissal with prejudice for Mazzo this […]
Ex-AMO chief Mazzo settle insider trading charges for $1.5m
Former Advanced Medical Optics CEO James Mazzo and the U.S. Securities & Exchange Commission agreed to settle insider trading charges related to AMO’s $2.8 billion acquisition by Abbott (NYSE:ABT) in 2009, after two previous trials ended in hung juries. Mazzo agreed to pay $1.5 million but admitted no wrongdoing in the settlement, the SEC said. Federal prosecutors in 2014 accused Mazzo of tipping a close […]
Insider trading ring draws another guilty plea
Federal prosecutors last week drew another guilty plea in an insider trading case based on alleged tips from a Bank of America employee on pending corporate transactions, including Abbott‘s (NYSE:ABT) $25 billion acquisition of St. Jude Medical. In August 2017, U.S. authorities accused seven individuals of reaping more than $5 million in illicit profits based on tips […]
Jury convicts four in CMS-Deerfield insider trading case
A federal jury yesterday reportedly convicted a Centers for Medicare & Medicaid Services worker and three others of using inside information as the “secret sauce” in a $7 million insider trading scheme with a well-known healthcare hedge fund. Consultant David Blaszczak, founder of Precipio Health Strategies and the one-time colleague at CMS of Christopher Worrall, pleaded not […]
Feds: CMS insider’s ‘secret sauce’ drove NY hedge fund’s healthcare bets
Federal prosecutors yesterday reportedly accused a political consultant of using his contact at the Centers for Medicare & Medicaid Services as the “secret sauce” in a $7 million insider trading scheme with a well-known healthcare hedge fund. Consultant David Blaszczak, founder of Precipio Health Strategies and the one-time colleague at CMS of Christopher Worrall, pleaded […]
Ex-AMO chief Mazzo wins second mistrial in insider trading case
Former Advanced Medical Optics CEO James Mazzo this week reportedly won a second mistrial on insider trading charges relating to AMO’s $2.8 billion acquisition by Abbott (NYSE:ABT) in 2009. Federal prosecutors in 2014 accused Mazzo of tipping a close friend and neighbor, former Orioles player Doug DeCinces, about the then-pending merger (Abbott sold the business to Johnson & Johnson (NYSE:JNJ) for $4.33 billion last year). […]
Ex-baseball pro DeCinces testifies in insider trading trial
Former professional baseball player Doug DeCinces reportedly testified this week in the second trial of friend and neighbor James Mazzo, the former Advanced Medical Optics CEO accused of insider trading ahead of Abbott‘s (NYSE:ABT) $2.8 billion AMO acquisition in 2009. Federal prosecutors in 2014 accused Mazzo of tipping former Orioles and Angels player DeCinces about the upcoming merger (Abbott sold the business to Johnson & […]
Ex-AMO chief Mazzo seeks dismissal in retrial of insider trading case
Former Advanced Medical Optics CEO James Mazzo wants a federal judge to dismiss his retrial on insider trading charges after the first round ended in a mistrial, alleging prosecutorial misconduct. Federal prosecutors argue that Mazzo can’t prove any of his allegations, according to documents filed with the U.S. District Court for Central California. The feds in 2014 accused […]
Ex-Medicare employees, traders deny insider trading charges
Former employees at the Centers for Medicare & Medicaid Services pleaded not guilty yesterday to charges that they used confidential information on Medicare reimbursement changes for radiation treatments and dialysis in a nearly $4 million insider trading scheme. Federal prosecutors last month accused political consultant David Blaszczak, founder of Precipio Health Strategies and the one-time colleague at CMS […]
