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By Tyler Durden

Having denied any investigation as “inflammatory and speculative” when the Phil Mickelson insider-trading brouhaha initialy erupted two years ago, it appears the golfer's lawyers may have to shift from the “deny deny deny” defense to “let's make a deal.” Having been unable to pin anything on Wall Street insider Carl Icahn, Vegas sports gambler Billy Walters, and pro-golfer Mickelson with regard their trading in Clorox (during Icahn's takeover bid); the SEC has arrested Walters and announced criminal charges against Dean Foods' Chairman Thomas Davis (who stepped down after suspicions of leaking insider tips) and after generating nearly $1million in profits from the Dean Foods trading tip Phil Mickelson is charged with insider trading and wilb be forced to disgorge ill-gotten gains.

Two yesars ago, the denials were quick to come…

“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,

…

When asked to comment about the investigation, Mr. Walters, reached by phone on Friday, said, “I don't have any comment about anything,” and then hung up.

Today, Mickelson's lawyers are aggressively providing no comment as it appears he was unable to dodge another bullet for his day-trading prowess.

As NYTimes Dealbook reports, Federal authorities announced criminal charges on Thursday against the former chairman of Dean Foods and a high-rolling sports gambler with ties to prominent athletes and corporate executives, a surprising escalation of a long-running insider-trading investigation.

William T. Walters, often considered the most successful sports bettor in the country, was arrested by the F.B.I. in Las Vegas on Wednesday. Thomas C. Davis, the former chairman of Dean Foods who stepped down last year after being suspected of leaking insider tips to Mr. Walters, also faces charges.

…

Preet Bharara, the United States attorney in Manhattan, who led a sweeping crackdown on insider trading, lamented “a potential bonanza for friends and family of rich people.”

But in charging Mr. Walters and Mr. Davis with securities fraud, his office is sending a message to Wall Street and beyond that these cases can still be made. The charges could also become a test case in just how far prosecutors can go in the wake of the appellate court ruling.

…

Mr. Walters’s lawyer said his client had done nothing wrong. “Bill Walters is a true American success story, whose extraordinary accomplishments as a lawful sports gambler have been widely recognized and lauded,” the lawyer, Barry Berke, said in a statement. “Mr. Walters and his counsel look forward to his day in court where it will be shown that the prosecutors’ accusations are based on erroneous assumptions, speculative theories and false finger-pointing.”

Early in the investigation, federal authorities also looked at what role, if any, the billionaire investor Carl C. Icahn may have had in …read more

Source: Golfing Legend Phil Mickelson Charged In Alleged Million-Dollar Insider Trading Scam

    

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Posted May 19th, 2016 in Uncategorized.