watching the press conference on periscope
thanks Darren Rovell
https://www.periscope.tv/darrenrovell
thanks Darren Rovell
https://www.periscope.tv/darrenrovell
seems like such dumb moves for what seems like an otherwise very smart dude. mickelson gets off...lol
http://espn.go.com/golf/story/_/id/...ged-sec-allegedly-profiting-insider-stock-tip
The Securities and Exchange Commission on Thursday alleged golfer Phil Mickelson made $931,000 after purchasing stock on an insider trading tip from sports gambler Billy Walters and then used some of the money to pay back Walters, to whom he allegedly owed money.
The SEC is seeking to recoup alleged Ill-gotten gains from Mickelson, who was not criminally charged. Mickelson's attorney said Thursday in a statement that the golfer has entered into an agreement with the SEC and will return all money from the trade in question.
In its case, the SEC said Mickelson spoke with Walters, with whom he had placed bets, in 2012 about an upcoming spinoff of dairy company Dean Foods. Based on a tip Walters had received, the SEC alleged, Walters told Mickelson to buy the stock. Months after buying 240,000 shares, according to a companion criminal case, Mickelson then repaid Walters using the Dean Foods money, the SEC alleged.
Walters was charged with insider trading and was arrested late Wednesday in Las Vegas. He will appear in court there Thursday, and is then scheduled to make an appearance before the United States District Court for the Southern District of New York on June 1.
In a separate indictment Thursday, the U.S. Attorney's office in Manhattan, in conjunction with the SEC and the FBI, alleged that Walters' interaction with former chairman of Dean Foods Thomas Davis allowed him to profit $32 million in stock trading while avoiding losses of $11 million.
Davis, who had business relationships with Walters, allegedly received $1.1 million in loans from Walters that went unpaid. A government source told ABC News that Davis is pleading guilty to charges that, in addition to those handed down to Walters, include perjury and obstruction of justice.
Thomas Melsheimer, the defense attorney for Davis, told ABC News that, unlike Walters, his client is assisting the government in its investigation.
Authorities were tipped off when, they say, Walters made $17.1 million in 2012, by trading on information that Dean Foods would spin off a company called WhiteWave-Alpro. Through their investigation, the authorities revealed that Davis would frequently call Walters after he allegedly received inside information about the company and Walters would then execute trades.
Walters, 69, is widely considered the most successful sports bettor ever in the U.S. He grew up poor in Kentucky, before moving to Las Vegas in 1980. He's parlayed his success betting on sports into the business world. He owns The Walters Group and Nature Development B.V., which counts numerous car dealerships and high-end golf courses as assets. "Bill Walters is a true American success story, whose extraordinary accomplishments as a lawful sports gambler have been widely recognized and lauded," Walters attorney Barry Berke said in a statement provided to ESPN. "Mr. Walters' renowned work ethic and many other talents also have helped him achieve great success in business, investing and philanthropy. 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."
According to indictments, when the Walters and Davis would discuss Dean Foods, they would refer to the company as "Dallas Cowboys."
Mickelson is also tied to a federal money laundering case, sources told ESPN last year, in which a California man is accused of transferring almost $3 million as part of an illegal gambling operation. The nearly $3 million is alleged to be Mickelson's money.
Gregory Silveira of La Quinta pleaded guilty in June to three counts of laundering funds. He had filed a motion in March to withdraw his plea, which was considered and ultimately denied by the court. He awaits sentencing.
Mickelson has not been charged with a crime and is not under federal investigation in the laundering case.
The 45-year-old Mickelson was inducted into the World Golf Hall of Fame in 2011. He has won 42 tour events, including five majors -- three Masters, one PGA Championship and one British Open.
He has long had a reputation for being a gambler, though he has said he scaled back his habit after his son, Evan, was born in 2003. The most publicized payoff was when Mickelson and friends won $560,000 on a preseason bet (28-1 odds) that the Baltimore Ravens would win the 2001 Super Bowl.
He has a history of playing money games during the practice rounds. He occasionally gets a group of players and caddies together for dinner and small wagering during the NBA and NHL playoffs, and prominent fights.
http://espn.go.com/golf/story/_/id/...ged-sec-allegedly-profiting-insider-stock-tip
The Securities and Exchange Commission on Thursday alleged golfer Phil Mickelson made $931,000 after purchasing stock on an insider trading tip from sports gambler Billy Walters and then used some of the money to pay back Walters, to whom he allegedly owed money.
The SEC is seeking to recoup alleged Ill-gotten gains from Mickelson, who was not criminally charged. Mickelson's attorney said Thursday in a statement that the golfer has entered into an agreement with the SEC and will return all money from the trade in question.
In its case, the SEC said Mickelson spoke with Walters, with whom he had placed bets, in 2012 about an upcoming spinoff of dairy company Dean Foods. Based on a tip Walters had received, the SEC alleged, Walters told Mickelson to buy the stock. Months after buying 240,000 shares, according to a companion criminal case, Mickelson then repaid Walters using the Dean Foods money, the SEC alleged.
Walters was charged with insider trading and was arrested late Wednesday in Las Vegas. He will appear in court there Thursday, and is then scheduled to make an appearance before the United States District Court for the Southern District of New York on June 1.
In a separate indictment Thursday, the U.S. Attorney's office in Manhattan, in conjunction with the SEC and the FBI, alleged that Walters' interaction with former chairman of Dean Foods Thomas Davis allowed him to profit $32 million in stock trading while avoiding losses of $11 million.
Davis, who had business relationships with Walters, allegedly received $1.1 million in loans from Walters that went unpaid. A government source told ABC News that Davis is pleading guilty to charges that, in addition to those handed down to Walters, include perjury and obstruction of justice.
Thomas Melsheimer, the defense attorney for Davis, told ABC News that, unlike Walters, his client is assisting the government in its investigation.
Authorities were tipped off when, they say, Walters made $17.1 million in 2012, by trading on information that Dean Foods would spin off a company called WhiteWave-Alpro. Through their investigation, the authorities revealed that Davis would frequently call Walters after he allegedly received inside information about the company and Walters would then execute trades.
Walters, 69, is widely considered the most successful sports bettor ever in the U.S. He grew up poor in Kentucky, before moving to Las Vegas in 1980. He's parlayed his success betting on sports into the business world. He owns The Walters Group and Nature Development B.V., which counts numerous car dealerships and high-end golf courses as assets. "Bill Walters is a true American success story, whose extraordinary accomplishments as a lawful sports gambler have been widely recognized and lauded," Walters attorney Barry Berke said in a statement provided to ESPN. "Mr. Walters' renowned work ethic and many other talents also have helped him achieve great success in business, investing and philanthropy. 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."
According to indictments, when the Walters and Davis would discuss Dean Foods, they would refer to the company as "Dallas Cowboys."
Mickelson is also tied to a federal money laundering case, sources told ESPN last year, in which a California man is accused of transferring almost $3 million as part of an illegal gambling operation. The nearly $3 million is alleged to be Mickelson's money.
Gregory Silveira of La Quinta pleaded guilty in June to three counts of laundering funds. He had filed a motion in March to withdraw his plea, which was considered and ultimately denied by the court. He awaits sentencing.
Mickelson has not been charged with a crime and is not under federal investigation in the laundering case.
The 45-year-old Mickelson was inducted into the World Golf Hall of Fame in 2011. He has won 42 tour events, including five majors -- three Masters, one PGA Championship and one British Open.
He has long had a reputation for being a gambler, though he has said he scaled back his habit after his son, Evan, was born in 2003. The most publicized payoff was when Mickelson and friends won $560,000 on a preseason bet (28-1 odds) that the Baltimore Ravens would win the 2001 Super Bowl.
He has a history of playing money games during the practice rounds. He occasionally gets a group of players and caddies together for dinner and small wagering during the NBA and NHL playoffs, and prominent fights.
I feel like I'm watching an episode of Billions
I think Walters is going to do several years for this crime. Could see him doing 24-36 months. Country Club prison but nevertheless when your living in an estate and moving into the equivalent of army barracks it's not easy. The fact that the Davis cooperated is going to leave Walters holding the bag.
Sports betting is one thing...ultimate respect there
But seems like he is just an idiot in this deal....you cant make up 25% of the volume in a stock with perfectly timed trades in and out and not expect to get caught/investigated....just common sense. Especially since he likely wasnt making similar moves in other issues...and he did it multiple times? unreal....heck i own a small position in one of the impacted stocks (WWAV)....beating a bookmaker is a totally different matter....he deserves what he gets here IMO
(unless you are out there billy and want to PM me a few picks...then this whole thing is a complete set up!!)
But seems like he is just an idiot in this deal....you cant make up 25% of the volume in a stock with perfectly timed trades in and out and not expect to get caught/investigated....just common sense. Especially since he likely wasnt making similar moves in other issues...and he did it multiple times? unreal....heck i own a small position in one of the impacted stocks (WWAV)....beating a bookmaker is a totally different matter....he deserves what he gets here IMO
(unless you are out there billy and want to PM me a few picks...then this whole thing is a complete set up!!)
The feds have a hard-& jealous of anyone who makes money.
So called insider traders, sportsbooks, and so on...
insider trading is quite serious and the feds DO NOT indict unless they
feel they have you by the nuts. the insider trading rap usually
amounts to forfeiture of profits, fines, and bans. this one seems
so large and flagrant that those punishments might be considered
too light. if a money laundering and/or RICO indictment Is added or
threatened in the future then this will get quite a lot more serious.
rest assured that if phil has settled, he has sung enough for the
feds to feel they have enough to get their target .
feel they have you by the nuts. the insider trading rap usually
amounts to forfeiture of profits, fines, and bans. this one seems
so large and flagrant that those punishments might be considered
too light. if a money laundering and/or RICO indictment Is added or
threatened in the future then this will get quite a lot more serious.
rest assured that if phil has settled, he has sung enough for the
feds to feel they have enough to get their target .
