A “well-known” retired ballplayer is the focus of an insider trading probe

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A lot of ballplayers retire comfortably in sunny California. Some, the Securities and Exchange Commission believe, may be retiring too comfortably:

An ongoing insider trading investigation by U.S. prosecutors in Los Angeles is focusing on a retired, well-known baseball player and several other former athletes whose names have not yet been disclosed, said two people familiar with the situation.

The former athletes under scrutiny – mainly a group of professional baseball players – are allegedly part of what one U.S. investigatory government official described as “a loose federation of people” sharing important market-moving information about various companies before it becomes public.

Last year former Orioles third baseman Doug DeCinces got popped for $2.5 million for trading on an inside tip.  I grew up with the guy, but I’m not sure that I’d call him a “well-known” baseball player, so it’s likely a bigger name than that.

Wouldn’t it blow your mind if it was Canseco? And he was playing crazy in order to hide the fact that he was masterminding a sophisticated insider trading ring?  That would be pretty cool.

(thanks to Dennis T. for the heads up)