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Phil Mickelson Agrees to Repay Profits from Insider Trading

phil-mickelson-blogLast week the SEC announced insider trading charges including pro-golfer Phil Mickelson. Mickelson agreed to pay back more than $1 million he earned from an insider stock tip from William “Billy” Walters, a famous sports gambler. As a result of a previous insider trading case, U.S. v. Newman, Mickelson was not liable for insider trading. The SEC claims Walters was owed money by a former board member, Thomas C. Davis, of Dean Foods. Davis provided the tips to Walters using a prepaid cell phone and in exchange Walters “provided Davis with almost $1 million and other benefits to help Davis address his financial debts.” The U.S. Attorney’s Office also announced criminal charges against Walters and Davis. Insider trading is prohibited under federal securities laws and carries with it, severe penalties for individuals and companies that act on inside information. Should you suspect that insider trading has occurred, it is important to immediately work with counsel. JLG’s attorneys can guide you through conducting an investigation to interfacing with the regulators (as necessary) and responding to formal investigatory inquiries. Additionally JLG can help provide training and development of policies and procedures to help prevent insider trading. For more information, please contact [email protected] or 619.298.2880.

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