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Related: About this forumGolfer Phil Mickelson profited from Dean Foods insider trades, SEC says
Awwww - poor Phil. Such a douchebag anyway
http://www.marketwatch.com/story/phil-mickelson-charged-with-insider-trading-by-the-sec-2016-05-19?mod=mw_share_twitter
Golfer Phil Mickelson on Thursday was accused of insider trading in connection with a case where two others are facing criminal charges.
Mickelson said by the Securities and Exchange Commission to have used an alleged tip he received from gambler William Billy Walters, who got information from a former Dean Foods DF, +0.45% chairman, Thomas Davis.
The SEC said that Walters called and then sent text messages to Mickelson, who ultimately bought a $2.4 million position in three accounts he controlled. Those securities dwarfed Mickelsons other holdings, which were collectively valued at less than $250,000, the SEC said. Mickelson had not been a frequent trader, and these were his first Dean Foods purchases, the SEC said. Mickelson made a profit of approximately $931,000 from the stock, which he held for about a week.
hughee99
(16,113 posts)joeybee12
(56,177 posts)They couldn't find anything wrong on Martha, so they got her on misleading/perjury...the venom in which they went after her was disgusting. Moral of the story, don't cooperate, because they'll use your words against you.
hughee99
(16,113 posts)I don't see how they could have done any more to go after her than this. If they catch Phil in the act, send him to jail. If they catch him lying to cover his ass, send him to jail. If they try to make their case and fail, even that is something.
My fear is that Phil is "old golfing buddies" with someone with the kind of clout to make this fade off into nothingness.
ProfessorGAC
(64,413 posts)That's it! No fine. No trial. Just give it back with interest!
Slimy twit essentially got away with it. No punishment other than giving back money he never should have made.
hughee99
(16,113 posts)This is exactly why people have no faith in the justice system, particularly when it comes to the wealthy and wall street.
ProfessorGAC
(64,413 posts)But, then the Martha Stewart thing. Not sure how that worked. Phil gets nothing and Martha get jail? An uppity woman thing? Putting her in her place or something?
Meantime, Fraudulent Phil skates.
hughee99
(16,113 posts)Distracted everyone at a time when people were pissed that all the Wall Street execs got off Scott free. Her prosecution was just to give the appearance that the SEC was doing their job, without actually going after their own buddies.
ProfessorGAC
(64,413 posts)Wish they would have made example out of this snake, though.