“Slick-In More Ways than One”
He smiles, he is adored, he is the fan’s man.
He also now has a stained reputation. He being, Phil Mickelson. What he did was a deal to make a big profit on turnaround stock investments.
Indictments have been handed down for ‘Insiders Trading’ against the CEO of the national biggest milk distributor, and to a known gambler, who he was friends with. Thomas Davis, the executive of Dean Foods has lost his job and is facing major prison time. Golfer-Gambler Billy Walters has been indicted too, and is facing the same sanctions. The duo reportedly made off with 32M in profits, buying and selling stocks just before Dean Foods stock was sold and split.
Mickelson was friends with Walters, on the golf course, and in the gaming rooms in Casinos in Las Vegas. He has not been implicated for being part of the scheme, but for investing, knowing it might be a scam.
Phil is trying to make all things right now, by issuing a press release, that he worked out a deal to repay the 931,000 in profits he made with his quick buy-sell deal with the Dean Food stocks. He was tagged too for 105,000 in penalties and back interests.
Some wonder why he doesn’t desereve a hefty fine from the government, if not jail time.
Mickelson must think there are alot of dumb people out there. Investigators from the SEC and Wall Street are not in that group. The golfer invested 2.4M in one week in the food company, and 7-days later sold it, at a hefty profit.
Guess Bernie Madoff would have been proud. But Phil has only been a small time investor in stock deals, and when you write a check for 2.4M, when your prior investments have been at the 250,000-level, it becomes a red flag, or in Las Vegas terms, a flashing neon light.
San Diego’s golden boy has a reputation as a playboy. He likes Las Vegas. Likes games of chance. Likes to bet.
The theory is, he’s not very good at it sometimes, and was into Walters for large gambling debts, and this was a way to pay it off, at least according to published reports.
No problem with rich men enjoying themselves at the shows and at the tables on the Las Vegas strip. But being addicted to gambling, running up big gaming IOU’s, and then getting involved in scam like this makes you ask questions.
Is Mickelson that stupid to think that kind of financial turnaround was legal? He did go to Arizona State so he must have heard the words ‘insider trading’ didn’t he? He’s involved in big money investments, his successful golf course design program, so he knows about big business deals, doesn’t he?
The ever present smile and his continued popularity aside, one wonders why he would stake his sparking reputation by doing something with the seedy side of society?
Granted, this isn’t a Tiger Woods sex scandal. It’s not a John Daly lifestyle of embarrassment decision. But it makes you wonder about his smarts, his values, his decency.
He’s slick on the golf course. Slick some times becomes slimy.
Lefty wasn’t right about this decision. Pretty stupid for someone who has been such a sparkling pro and person.