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SEC investigating Phil Mickelson for insider trading

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I hope there's nothing to this story about Phil Mickelson and insider trading.

http://online.wsj.com/articles/fbi-sec-probe-trading-of-carl-icahn-billy-walters-phil-mickelson-1401492772

Edit: http://www.usatoday.com/story/money/business/2014/05/30/wsj-report-carl-icahn-phil-mickelson-william-billy-walters-insider-trading-probe/9791365/

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I hope there's nothing to this story about Phil Mickelson and insider trading. [URL=http://online.wsj.com/articles/fbi-sec-probe-trading-of-carl-icahn-billy-walters-phil-mickelson-1401492772]http://online.wsj.com/articles/fbi-sec-probe-trading-of-carl-icahn-billy-walters-phil-mickelson-1401492772[/URL]

Agreed. From the article. Heck of a way to end Thursdays round: answer questions from FBI. [quote] The FBI and SEC are examining whether Mr. Walters on at least one occasion passed a tip on to Mr. Mickelson, these people said, and are studying the two men's trading patterns. "We do not know of any investigation," Mr. Icahn said on Friday. "We are always very careful to observe all legal requirements in all of our activities." The suggestion that he was involved in improper trading, he said, was "inflammatory and speculative." "Phil is not the target of any investigation. Period," said a lawyer for Mr. Mickelson, Glenn Cohen, on Friday, adding that an FBI agent had told him Mr. Mickelson wasn't a target. The FBI declined to comment on Mr. Cohen's statement. Two FBI agents approached Mr. Mickelson on Thursday after he finished a round of golf at the Memorial Tournament in Dublin, Ohio, seeking to speak with him in connection with the investigation, a person familiar with the situation said. Mr. Mickelson referred them to his attorney, this person said. [/quote]

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Agreed. From the article. Heck of a way to end Thursdays round: answer questions from FBI.


Yeah I would guess it would be hard to focus on golf the next day.

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NEW YORK, May 30 (Reuters) - The U.S. Federal Bureau of Investigation and the Securities and Exchange Commission are investigating possible insider trading involving billionaire investor Carl Icahn, golfer Phil Mickelson and Las Vegas gambler William Walters, a source familiar with the matter said.
Federal investigators are looking into whether Mickelson and Walters may have traded illegally on private information provided by Icahn about his investments in public corporations, the source told Reuters, confirming a report by the Wall Street Journal on Friday.
Icahn, Mickelson and Walters were not immediately available for comment. Spokespeople for the FBI and SEC declined to comment.
The investigation is the latest case to emerge from a multi-year crackdown on insider trading by U.S. authorities. It involves two of the highest-profile personalities in finance and sport: famously combative activist investor Icahn and multiple Masters champion Mickelson...

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This should be interesting.
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Golf Channel had it streaming on the bottom of the screen the entire time, must be a slow news day.

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The FBI and SEC don’t mess around when they smell something fishy. Martha Stewart was not convicted of insider trading but went to jail for lying to the authorities. Phil needs to be as upfront as possible with the Feds during the investigation. They hate being lied to.

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I really wonder who he pissed off to get the FBI on his ass.. I will reserve judgement until I hear more details, but where there is smoke there is usually fire!
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Phil's attorney said he's not the subject of any investigation but the reports seem to indicate otherwise.  I will definitely follow this to see what stage of the investigation the feds are in.

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I hate to hear this. If true, what a black mark on Phil and the pga tour. I know it has nothing directly to do with the tour, but Phil has always been considered the shining face of the tour. Certainly not something you want your elite players to be a party of. Going to interesting how this all plays out.
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They're just allegations for now, obviously there's sides to stories and we only have one right now. If lefty sails for Europe here soon we'll see his... :))
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Unfortunately the media acts to create as much interest as possible and thus drive opinion by juxtaposition toward guilty until proven innocent. Side note, adding fuel to the fire is having a professional gambler involved with a professional athlete in an unsavory activity.

Innocent until proven guilty my folks, let the investigation take its course.

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The FBI and SEC don’t mess around when they smell something fishy. Martha Stewart was not convicted of insider trading but went to jail for lying to the authorities. Phil needs to be as upfront as possible with the Feds during the investigation. They hate being lied to.

That's what I was gonna say, but I'll reserve any opinions until the investigation is complete.

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Insider trading is like speeding. Happens all the time and few notice and fewer care as long as it's a couple of mph.

The two ways to get caught are to go way over the speed limit or drive somebody around that's already under surveillance and being followed.

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Unfortunately the media acts to create as much interest as possible and thus drive opinion by juxtaposition toward guilty until proven innocent. Side note, adding fuel to the fire is having a professional gambler involved with a professional athlete in an unsavory activity.

Innocent until proven guilty my folks, let the investigation take its course.

Agree.  It is part of the "Manufactured Outrage" approach of today's media.  Phil will be tried and convicted or acquitted in the media long before the investigation is complete.

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Innocent until proven guilty is usually reserved for when it is involving some sort of media darling and it is not applied accross te board regardless. Phill will no doubt get te benefit of the doubt IMO
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Quote:

Mickelson is in Dublin, Ohio, playing The Memorial presented by Nationwide Insurance. He shot 70 on Friday to make the cut and is scheduled to tee off Saturday at 10:27 am ET.

Early Saturday, he released the following statement: "I have done absolutely nothing wrong. I have cooperated with the government in this investigation and will continue to do so. I wish I could fully discuss this matter, but under the current circumstances it's just not possible."

From the USA Today article I added to the first post.

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