Mazzo and DeCinces, both of whom traveled in affluent circles in Orange County, Calif.

WSJ: Baseball Great Eddie Murray Hit in Insider Case

"Mr. Mazzo flatly and unequivocally denies the SEC's allegations, " said Richard Marmaro, his lawyer.

WSJ: Baseball Great Eddie Murray Hit in Insider Case

And Mr. DeCinces's daughter provided interior-decorating services for Mr. Mazzo and his wife.

WSJ: Baseball Great Eddie Murray Hit in Insider Case

Mr. Mazzo invested in Mr. DeCinces's son's restaurant business.

WSJ: Baseball Great Eddie Murray Hit in Insider Case

Also charged on Friday: James Mazzo, Advanced Medical's former chief executive and a current executive at Abbott, who is accused of tipping Mr. DeCinces (pronounced de-SIN-say), his neighbor in an exclusive Laguna Beach, Calif.

WSJ: Baseball Great Eddie Murray Hit in Insider Case