One big news event after another for PHIL as SEC

gophil36 wrote:He's only guilty if they can prove that he knew that others were not privy to this information, which they can't prove.  

Yes, true....I guess in the Martha Stewart case, she got inside information to sell her stock that I suppose she knew was inside info and sold it.  Lucky for Phil the other guys didn't say "we told him it was inside info" or some such.

I have close relatives in the financial business and the closest one says that these are witch hunts and people get tips from everywhere every day and act on them.  Almost impossible to prove guilt and it happens lots every day.  My advice to Phil is to stop hanging out with these types of characters, however after watching the news conference, one would think that some of these CEO's would be bright and hopefully honest.  

Very good advice, lol, I hope he takes it!

Seems that Davis got into big financial trouble, and that he and Walters got overly confident and that this went on for years, big time, with their trading amounting to 16-30% of the trades in Dean Foods on days they bought and sold.  Unbelievable what some people will do when they get indebted over their heads.  The amount of their trades and the number of times they did it make me think that Phil was not really a player, as he only had the one relatively minor deal.  

I think that was the convincing part (to SEC), that before, he had only $250k in the account.  But I'm still not clear how they worked it...sounds like he put money into Walter's account....it was mostly done on margin, 'borrowing' the shares, then sold at a profit pocketing the upside difference and then paying for the initial 'borrowed shares' at the time they close out.  But if it was in Walter's account, how does Phil get access to make the transactions?

At any rate, he can make more money from that on a good week-end golfing.  I think he and his team are smart enough to know that this was a bad situation for Phil and his reputation if they did know that it was not above board. Phil's world, however, is not my world.  He has not been charged, nor will he be with anything.  He needs to give the money back--hope he invested it well-- and win a tournament!

gophil36 wrote:I don't know how much mad money Phil has, but I would think so. This is not much to Phil, I don't think.  They said on tv that it was a text message.  Obviously they have the correspondence, so it was not incriminating to Phil. There are others besides Phil being civilly sued for return of money, but none with his ability to grab a headline.  They said on tv that for a high profile guy like Phil, he needs to not act on anything he's told or hears.  There's a lesson here for him and others in his position is what the money people said on tv.  I watched the press conference at noon on MSNBC.

Admin wrote:files charges against PHIL

http://www.marketwatch.com/story/phil-mickelson-charged-with-insider-trading-by-the-sec-2016-05-19

I understand that these are non-criminal charges as opposed to Martha Stewart's situation.