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Phil Gets Off The Hook

ATL96Steeler

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Mickelson not criminally charged by SEC for tip

This is stupid...Phil acted on a tip, some inside info and bought some stock, made some money...that happens literally everyday of the week. No criminal charges, but the SEC wants the money back which apparently he's doing presumably just to move on passed this...who gets this money?
 

huskers1217

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JuiceTheGator

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I have to think Phil's in a little $ trouble but not deep legal trouble. He had a gambling debt to pay off and did so with the huge windfall. He couldn't have been more obvious about the way he traded...showing he might not have known how obvious and illegal his trades were.

The real question with insider trading is whether he was in position of non-public, material information that was tradable and did he know it was not publicly announced yet. I believe the answer is "yes" to all those. His defense will be "I didn't know it was wrong."

If so, he might be made to forfeit gains...and maybe pay some penalty/fine. He's probably not at risk for more because he's not a licensed broker or trader who is guaranteed to know better and has promised to prevent such activity.
Therefore, his broker and the tipper are in really big trouble. Phil is in some financial difficulty.

That's my 2 cents worth. :noidea:
 

ATL96Steeler

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I have to think Phil's in a little $ trouble but not deep legal trouble. He had a gambling debt to pay off and did so with the huge windfall. He couldn't have been more obvious about the way he traded...showing he might not have known how obvious and illegal his trades were.

The real question with insider trading is whether he was in position of non-public, material information that was tradable and did he know it was not publicly announced yet. I believe the answer is "yes" to all those. His defense will be "I didn't know it was wrong."

If so, he might be made to forfeit gains...and maybe pay some penalty/fine. He's probably not at risk for more because he's not a licensed broker or trader who is guaranteed to know better and has promised to prevent such activity.
Therefore, his broker and the tipper are in really big trouble. Phil is in some financial difficulty.

That's my 2 cents worth. :noidea:

I wouldn't put it past any gambler to hit the skids, but I find it hard to believe Phil is on hard times financially...he makes nearly $50 mil a yr in endorsements alone. I'm sure he ran up some debt with this guy, but maybe didn't want to repay him out of house funds (wife gets wind)...idk.
 

redseat

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if this were anyone of us on here we would be in jail
 

JuiceTheGator

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That it is, but that's just relevant to how much one has to invest...are you saying it's okay if the return was a lot less?

That's how they got busted, btw. CNBC said on a couple days 40% of the stock's total trading volume was from one brokerage firm and from only 7 accounts at that firm.

That's the kind of boneheaded maneuver that makes the computer monitors notice and grab a FINRA human to take a look.
 

ATL96Steeler

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That's how they got busted, btw. CNBC said on a couple days 40% of the stock's total trading volume was from one brokerage firm and from only 7 accounts at that firm.

That's the kind of boneheaded maneuver that makes the computer monitors notice and grab a FINRA human to take a look.

Oh...that was pretty blatant...I can see why they let Phil off with just returning the profits...they were probably thing...no real thief would be that stupid.

Not that I've had many, but my largest investment return I think came on an inside tip.

I was a Jr. buyer for a large athletic shoe retailer, we had just clipped 1k locations and $1b in revenue...the head buyer for our category had just come back from the far east and the meetings with all of the shoe manufacturers...comes into the office and said sink ever extra dime you have in X company...we're getting ready to put them on the map...I just place the largest futures order in their history by a big margin.. they're going to take off.

Being a jr buyer in NYC back then I wasn't breaking the bank, but I told my young bride of barely 6 mos, this move would be to our benefit, she said don't touch the savings, (mostly my savings) but the wedding gift cash, was fair game...we got in around $6 per and had 1700 or so shares...nothing happened for about 6 mos, and she started getting on me about it, and the head buyer said hang in there...long story short...it did take off...we sold at $35 or 36 per...that stock was Reebok.

I never felt like we did anything illegal...did we?
 

JuiceTheGator

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Oh...that was pretty blatant...I can see why they let Phil off with just returning the profits...they were probably thing...no real thief would be that stupid.

Not that I've had many, but my largest investment return I think came on an inside tip.

I was a Jr. buyer for a large athletic shoe retailer, we had just clipped 1k locations and $1b in revenue...the head buyer for our category had just come back from the far east and the meetings with all of the shoe manufacturers...comes into the office and said sink ever extra dime you have in X company...we're getting ready to put them on the map...I just place the largest futures order in their history by a big margin.. they're going to take off.

Being a jr buyer in NYC back then I wasn't breaking the bank, but I told my young bride of barely 6 mos, this move would be to our benefit, she said don't touch the savings, (mostly my savings) but the wedding gift cash, was fair game...we got in around $6 per and had 1700 or so shares...nothing happened for about 6 mos, and she started getting on me about it, and the head buyer said hang in there...long story short...it did take off...we sold at $35 or 36 per...that stock was Reebok.

I never felt like we did anything illegal...did we?

No, not really because you weren't a senior officer who had concrete knowledge. Your defense would be the "mosaic theory" approach. You took a tip from mgmt. (who was behaving unethically telling everyone) that could have been BS. From your work there, you realize that line of footwear could be utilized by your firm and it made some sense. So, you took the risk of giving it a shot.

Phil was getting info from the CEO. Everybody knows that he knows what's up.
 

ATL96Steeler

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No, not really because you weren't a senior officer who had concrete knowledge. Your defense would be the "mosaic theory" approach. You took a tip from mgmt. (who was behaving unethically telling everyone) that could have been BS. From your work there, you realize that line of footwear could be utilized by your firm and it made some sense. So, you took the risk of giving it a shot.

Phil was getting info from the CEO. Everybody knows that he knows what's up.

Thanks, I didn't think it was over the line...Jr buyers handled small test market buys (mostly 100 stores or less) in addition to our regular duties and aerobic shoes was this huge purchase he made. I had been test buying them for over a yr and getting a 95% liquidation rate at full price so I knew they were going to sell...the risk was in his exclusive.

In order to differentiate from the competition we would sometimes buy exclusives...a knockoff from their inline model with some minor changes, you have to commit to large volume...That guy won buyer of the year, and lot of people made some cash from his tip.

A few years later, he lost money doing that when he tried to "make" another smaller shoe company, I tried to tell him the sale through wasn't there, but she was a hot little something trying to get her wares into the chain.

Phil got it from the top...okay.
 

gohusk

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if this were anyone of us on here we would be in jail

Nah. If it were any one of us with 9 figure net worth we would have got off as well. Us common folk aren't privy to this sort of information. Country club types are the fucking worst.
 

Darrell Green Fan

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I'm still trying to determine the difference between this and what Martha did to land her in jail. I honestly don't know enough about either situation. Anyone?
 

Ricky Roma

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Phil probably stayed a long time and signed autographs....

I think Stewart went to prison because she lied about her dealings. Much like Mike Vick.....he didn't really do time becasue of dog fighting.....he was locked up because he lied about it when pressed by authorities.
 
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