One big news event after another for PHIL as SEC

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One big news event after another for PHIL as SEC

Post by Admin on Thu May 19, 2016 9:50 am

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.


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Re: One big news event after another for PHIL as SEC

Post by j58golf on Thu May 19, 2016 11:02 am

Glad Phil wasted no time in putting out a statement.

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Re: One big news event after another for PHIL as SEC

Post by Admin on Thu May 19, 2016 11:36 am

Here is what PHIL said

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

Basically no one accused PHIL of inside trading but to avoid the appearance of profiting from it he is returning all of his gain.

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Re: One big news event after another for PHIL as SEC

Post by bulls9999 on Thu May 19, 2016 2:49 pm

I don't understand how Phil can NOT be guilty? How is this different than the Martha Stewart case?  Glad Phil may not be charged with anything, but like he has said himself, "I'm such an idiot".  Man, he makes $45 mill/year, isn't that enough to be legit in your investments, as we all know money-makes-money?

The Securities and Exchange Commission named Phil Mickelson in a federal insider trading lawsuit, alleging in court documents filed on Thursday that the five-time major winner made nearly $1 million via information that was not publicly available.

The complaint filed by the SEC in U.S. District Court for the Southern District of New York named Mickelson as a so-called “relief defendant,” meaning the golfer has not been accused of any criminal wrongdoing. Since the case is in civil court, the SEC seeks “all ill-gotten gains in the form of illicit trading profits."

Davis allegedly gave Walters confidential information about Dean Foods, a major Dallas-based dairy processor and distributor, and Darden Restaurants (DRI), the parent of Olive Garden and other popular dining chains, from at least 2012-2014

Mickelson owed Walters money from gambling debts at the time the two chatted over the phone in July 2012, according to the lawsuit. Walters “urged Mickelson to trade in Dean Foods stock, which Mickelson did the next trading day in three brokerage accounts he controlled.

Mickelson purchased, partially on margin, a total of 200,240 Dean Foods shares between July 30-31, totaling $2.4 million.

“This position dwarfed the other holdings in the brokerage accounts, which collectively were valued at less than $250,000,” Alexander M. Vasilescu, a lawyer for the SEC, wrote. “Mickelson had not been a frequent trader and these were his first ever Dean Foods purchases.”

Dean Foods shares skyrocketed on Aug. 7, 2012, by 40 percent when a spin-off company, WhiteWave, was announced.

Mickelson sold all his Dean Foods shares the next day and netted a $931,000 profit.
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Re: One big news event after another for PHIL as SEC

Post by bulls9999 on Thu May 19, 2016 2:51 pm

I have always understood that 'knowledge of insider deals' is not punishable, but acting/trading on that info is.
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Re: One big news event after another for PHIL as SEC

Post by bulls9999 on Thu May 19, 2016 2:53 pm

Even though Phil is paying back gains from those 'questionable trades', this is going to taint him at some level, hopefully not enough that sponsors drop him.
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Re: One big news event after another for PHIL as SEC

Post by j58golf on Thu May 19, 2016 4:01 pm

What got Martha Stewart in the slammer was the fact she LIED to the investigators . I read had she not lied they never would have put her in jail


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Re: One big news event after another for PHIL as SEC

Post by gophil36 on Thu May 19, 2016 4:02 pm

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

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Re: One big news event after another for PHIL as SEC

Post by j58golf on Thu May 19, 2016 4:04 pm

What is weird is if you are moving that large a sum of money wasn't Phil's lawyer involved and shouldn't he have said wait a minute this doesn't look good!!

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Re: One big news event after another for PHIL as SEC

Post by gophil36 on Thu May 19, 2016 4:10 pm

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.

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Re: One big news event after another for PHIL as SEC

Post by gophil36 on Thu May 19, 2016 8:46 pm

I hope that owing money for gambling losses doesn't get him suspended!


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Re: One big news event after another for PHIL as SEC

Post by bulls9999 on Fri May 20, 2016 8:26 am

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!

Well, the attorney they had on Sirius XM said he has to pay back the nearly $1 mill, then 12% interest for each of the 4 years ($120k x 4 = $480k), and lawyers fees, which they rounded out to say $2 mill, which for Phil was peanuts compared to his $40-50 mill/yr take with sponsors....that was the only concern, would any sponsors drop out and that would cost him more than the payback fees.  The attorney said 'any time you can settle without going to court, is a good thing'.
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Re: One big news event after another for PHIL as SEC

Post by bulls9999 on Fri May 20, 2016 8:31 am

Then again, the guys on Sirius PGATour agreed, that Phil is the best PR person in sports and he handles his own issues (can any PR group do a better job than Phil?...they agreed...NO), lol.
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Re: One big news event after another for PHIL as SEC

Post by bulls9999 on Fri May 20, 2016 8:32 am

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.

.....and another lesson...don't email me, call me or text me on my cell....call me from a pay phone to a pay phone number I'll give you, lol (or those prepaid discardable cell phones).
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Re: One big news event after another for PHIL as SEC

Post by gophil36 on Fri May 20, 2016 8:49 am

Walters and Davis used prepaid cell phones. Maybe they forgot to discard them or didn't do a good job of it. Phil made the morning show news. Good article by USA today which says that this will NOT impact Phil's popularity or his sponsor associations. All of his sponsors appear to be standing by him. From the blogs I've read, people associated with finance don't see this as much, but those who are not in the know keep saying that he should go to jail like Martha. Martha lied and that was her mistake, or she likely would have walked. Others are wishing that Phil would have fought them to keep the money, but agreed that at this point in his career it would just bring more attention to it. Phil is unlikely to be charged, but it is still a possibility. Mainly he's in the news because of who he is. A headliner. The point was also well made that the people in sports and entertainment are made to be heroes by us and that they're human. Phil has always had a major interest in gambling, and I surely hope he's learned here and it doesn't turn out to eventually be his demise. Phil is a generous man and a loving family man. He has faults like anyone else. He was probably hoping to retaliate against his big tax bill in CA. LOL Not sure why he never moved. Probably family reasons. I also read that he isn't going to discuss it. Probably if Walters case was not still ongoing, he might have something to say. I guess the Icahn thing with Clorox was dropped. Exciting ride with Phil. I personally think that it will all blow over. Please tell me who gets the money he pays back--to whom?

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Re: One big news event after another for PHIL as SEC

Post by gregoryc on Fri May 20, 2016 1:00 pm

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.


These are not "charges" at all. Unless there is more to the story and he is *actually charged* with something (criminally or civilly) this is actually good news for him. He's already agreed to pay back the money and the gambling piece was already well known. Hopefully he can now put all this behind him and go win the US Open already.

This is not analogous to the Martha situation in my opinion. If memory serves, she was initially presented with civil charges of insider trading (Phil was not). Then she lied about what happened to the Feds, which they generally don't like. They then hammered her w/ criminal charges of securities fraud, obstruction of justice, conspiracy, etc.

I'm not a securities lawyer, but I am a lawyer.

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Re: One big news event after another for PHIL as SEC

Post by gophil36 on Fri May 20, 2016 1:19 pm

I think Martha said that she had a standing order and did not, and attempted to con the Feds by having her broker lie as well and they were found out. She went to jail because she thought that she could outsmart them. On CBS this morning they kept saying he made this money in 1 day. I think they had it confused with Hillary. LOL Just like in golf, Phil lost focus! Rolling Eyes I agree. All but the haters will want the US Open win and happily move on.

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Re: One big news event after another for PHIL as SEC

Post by j58golf on Fri May 20, 2016 4:50 pm

I listened to Jim Rome who had Robert Lusetich on his radio show today.  Both these guys hate Phil and I knew it would be a "Hit Piece " on Phil. Lusetich lost his job at Fox Sports and I can see why. He is far from fair and balanced in his reporting.  Anyway he is pushing for PGA tour to punish Phil because gambling is a no no in the pga handbook. Its guys like these two who won't put it to rest. I just hope the PGA tour just stays mum about it and just talk privately to Phil. They want to know how much Phil owed Walters and what he bet on. It it really anyones business but Phil's ?? Rome always called Phil insulting names for years and now calls him "THEFTY" I was furious.!

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Re: One big news event after another for PHIL as SEC

Post by gophil36 on Fri May 20, 2016 6:01 pm

I just read a sporting news piece that said he should be suspended. It also said that if he'd gambled on golf it would have been uncovered. A point was made which I also find strange and that is why didn't he just pay Walters? He should have been able to scrape up the money. Dumb move. Hope he's not in over his head. The haters will enjoy the moment and those who support Phil will move on.

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Re: One big news event after another for PHIL as SEC

Post by j58golf on Fri May 20, 2016 6:41 pm

I was wondering why too... just pay the guy. But who doesn't want  to make " easy money " as I'm sure  Walters called it a win win situation. They said Walters urged Phil to do this. Stupid for Phil to hang and play golf with him. 60 minutes did a show about him and the guy turns out to be a crook. LESSON learned f or Phil  Maybe Phil didn't  want Amy to know he was gambling with him. Who knows. I just want this behind him.


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Re: One big news event after another for PHIL as SEC

Post by gophil36 on Fri May 20, 2016 6:46 pm

Somebody said that she loves to gamble as well. Maybe his money is not liquid. Makes me sad. Another article daid that he's gambled with Walters since. Maybe this mess is why he isn't playing as well. Lots of maybes. Who knows. Hopefully it'll die down.

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Re: One big news event after another for PHIL as SEC

Post by gophil36 on Sun May 22, 2016 10:56 am

Forbes.com article br John Tamney gives a different spin on Phil s actions.

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Re: One big news event after another for PHIL as SEC

Post by j58golf on Sun May 22, 2016 11:58 am

Interesting article.Too bad more of the mainstream news articles don't reflect or even consider that point of view. They probably don't even understand that concept.

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Re: One big news event after another for PHIL as SEC

Post by Admin on Sun May 22, 2016 5:23 pm

I misspoke about the charges-PHIL only had to give his gains back plus interest plus as noted all of these legal fees

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Re: One big news event after another for PHIL as SEC

Post by gophil36 on Sun May 22, 2016 5:40 pm

Sorry I couldn't post the article but I'm operating with only an uncooperative phone this weekend.

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Re: One big news event after another for PHIL as SEC

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