Looks like Phil Mickelson may be in some big trouble! The Security and Exchange Commission is claiming that he made $1 million in insider trading. That’s a lot of money. The real question is: Will this be enough to warrant jail time? Click for the details!
Things are not looking good for Phil Mickelson, 45. The golfer made $1 million in 2012 for illegal insider tips and has been named as a relief defendant in a civil lawsuit brought by the Securities and Exchange Commission. The sports legend is definitely in hot water, and many are wondering if this will lead to a hefty jail sentence for the golf star. Hopefully orange is his color.
Don’t freak out too much, golf fans! Luckily for Phil, changes to insider trading rules require that “people who trade on illegal tips know the source of the information,” according to the New York Post. So it looks like he may escape a jail sentence this time. But he shouldn’t start celebrating just yet.
The two others involved in the proceedings are Thomas Davis and William “Billy” Walters, and they are at the center of the lawsuit. Thomas is being accused of feeding illegal tips about Dean Foods, where he is a chairman, to Billy during the years of 2008 to 2014. Well, Billy just happened to pass some “helpful” info along to his good buddy Phil via text message in July 2012, about trading in his share of a certain Deans Food stock. That is what brings us to the current controversy.
Phil agreed to pay back the money — all $1 million of it. Yikes! He is also not claiming responsibility. “Phil was an innocent bystander to alleged wrongdoing by others that he was unaware of. Phil is innocent of any wrongdoing,” Gregory B. Craig and Pat Swan, Phil’s attorney’s said in a statement. Well, if the lawyers say it, then it must be true, right?
All the money will be paid back, and Phil won’t likely have to serve any jail time, so there is such a thing as a win-win situation. You know, except for the fact that the situation occurred in the first place! Hopefully, the golfer has learned his lesson and can focus on his job.
What do you think of the mess Phil has gotten himself into, HollywoodLifers? Do you think he should still serve his time in jail? Tell us your thoughts below!