Golfer Phil Mickelson charged with insider trading by the SEC

[mahatmakanejeeves]

Source: MarketWatch

Golfer Phil Mickelson charged with insider trading by the SEC

Published: May 19, 2016 10:07 a.m. ET

By Steve Goldstein
D.C. bureau chief

Golfer Phil Mickelson on Thursday was charged with insider trading in connection with a case where two others are facing criminal charges. ... Mickelson was charged with insider trading by the Securities and Exchange Commission due to an alleged tip he received from gambler William “Billy” Walters, who got information from a former Dean Foods 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” Mickelson’s 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.

The reason why Mickelson, who the PGA Tour website says has career earnings of $79.5 million, made these trades? According to the SEC, Mickelson owed Walters money at the time Walters urged him to trade. That’s also the case with Davis — the SEC said he owed Walters money.

The Justice Department has alleged that Davis provided material nonpublic information to Walters, who is also charged in a separate indictment, about Dean Foods earnings results, its outlook and the spinoff of Whitewave-Alpro, a Dean subsidiary.

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

[Renew Deal]

1. Golfers get charged with white collar crimes

No drugs, fights, etc.

[mahatmakanejeeves]

5. As long as we're going after infractions....

What about the fashion violations?







I gotta stop. There are too many of these.

Granted, that's John Daly, but it could happen. And isn't zero tolerance the only course* that makes sense?

* Get it?

[Renew Deal]

6. lol

Those are crimes against humanity.

[n2doc]

8. Definitely desecrating the American Flag n/t

[Fuddnik]

11. Don't forget the Late Payne Stewart dressed in his Chicago Bears colored knickers.

The only time in history, somebody won a Major dressed as Bozo the Clown.

[CurtEastPoint]

2. Can't think of a nicer greedy GOPbot for this to happen to.

[Eugene]

3. Dean Foods ex-chairman, pro gambler charged with insider trading

Source: Reuters

Business | Thu May 19, 2016 10:06am EDT

Dean Foods ex-chairman, pro gambler charged with insider trading

BY NATE RAYMOND AND JONATHAN STEMPEL

U.S. authorities on Thursday charged a former chairman of Dean Foods Co (DF.N) and a professional Las Vegas gambler with engaging in a years-long insider trading scheme, which included a tip that benefited professional golfer Phil Mickelson.

William "Billy" Walters, who has built a multimillion-dollar fortune as a famed Las Vegas sports bettor, and Thomas Davis, Dean Food's former chairman, were criminally charged in a case brought by federal prosecutors in Manhattan.

Mickelson, who has won three Masters golf titles, was not criminally charged, but was named as a relief defendant in a civil lawsuit by the U.S. Securities and Exchange Commission, which said he also traded in Dean Foods stock.

A relief defendant is not accused of wrongdoing but has received ill-gotten gains as a result of others' illegal acts.

Walters, 69, was arrested in Las Vegas on Tuesday. Davis, who resigned from Dean Food's board in August, pleaded guilty on Monday.

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Read more: http://www.reuters.com/article/us-usa-insidertrading-idUSKCN0YA1OC

[mahatmakanejeeves]

7. "Mickelson, who has won three Masters golf titles, was not criminally charged,..."

?

Oh, I see. Civil charge.

Thanks for that detail.

[turbinetree]

4. Here comes the golf whiner-----------------------

http://thinkprogress.org/economy/2013/01/22/1476801/mickelson-complains-higher-taxes/

[blogslut]

9. You should have moved out of the country while you had the chance, Phil.

I hope they let you have your Enbrel® in jail.

[BeyondGeography]

10. What a chump

[rdking647]

12. based on what ive heard these are some of the more incompetent insider traders

one guy was accounting for 50% + of teh trading volume in a stock as he bought and sold on inside info..
thats asking to be caught

[bullwinkle428]

13. Billy Walters is as dirty as the day is long. Phil should have known way

better than to get involved with anything that guy was attached to.

[coco77]

14. Greedy bastard

how much is enough?

[Doctor_J]

15. Mickelson has had a gambling problem forever

I'm not surprised he owed money to a professional gambler.

[Dyedinthewoolliberal]

16. if found guilty

he should go to prison, just like Martha Stewart had to......