Doc
Doc
Joined: Feb 27, 2010
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April 7th, 2017 at 3:25:20 PM permalink
Quote: Daddy

Phil gives profit back, never testifies, takes a walk, Guess it pays to be a golfer, not a gambler?


From one of the cited news reports, here is an excerpt from a statement from Mickelson's management group:
Quote:

"At the same time, however, Phil has no desire to benefit from any transaction that the SEC sees as questionable," it said. Accordingly, he has entered into an agreement with the SEC under which he will return all the money he made on that 2012 investment," it said.

I don't get it. To whom will he "return" the money? To some group of investors who missed out on owning the stock while the price was going up? To the corporation he invested in? To the government agrncy that didn't ever have the money before but would like to have it?

How does he give that money "back"?
Ibeatyouraces
Ibeatyouraces
Joined: Jan 12, 2010
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April 7th, 2017 at 6:33:59 PM permalink
Quote: Daddy

Feds win 95%. Billy found guilty. max is 20 years. No parole on Fed, 54 days good behavior a year. might mean 17 if her gets 20. Phil gives profit back, never testifies, takes a walk, Guess it pays to be a golfer, not a gambler?


Buzz, why don't you just message Zuga for reinstatement...
"And that's the bottom lineeeee, cuz Stone Cold said so!"
terapined
terapined
Joined: Dec 1, 2012
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April 7th, 2017 at 6:41:02 PM permalink
Guilty
His Statement

"To say that I was surprised would be the understatement of my life. I just did lose the biggest bet of my life. Frankly, I am in total shock."

Sentencing is scheduled for July 14
"Everybody's bragging and drinking that wine, I can tell the Queen of Diamonds by the way she shines, Come to Daddy on an inside straight, I got no chance of losing this time" -Grateful Dead- "Loser"
Daddy
Daddy
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April 7th, 2017 at 6:49:14 PM permalink
Quote: Ibeatyouraces

Buzz, why don't you just message Zuga for reinstatement...



What makes you think I did not already do that ??????
Daddy
Daddy
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April 7th, 2017 at 6:52:12 PM permalink
Quote: onalinehorse

I think Phil will eitherr perjure himself or hurt Billy's chances of beating the rap. I wonder if Special Agent Thomas B. Noble is involved again? He had delusions of grandeur and even bragged that the Mafia was behind the computer group. At 5:30 in the morning, Billy's wife was arrested downstairs, while Billy was still sleeping. Both he and his wife were led outside in handcuffs, before waiting reporters and photographers. Billy never held a grudge, but to this day is still pissed that at booking, his wife was led in with leg irons.

That told me Billy might die in jail. Arresting the man's wife, how classy. Did they forget to cuff his handicapped son too ?

DrawingDead
DrawingDead
Joined: Jun 13, 2014
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April 8th, 2017 at 5:52:30 AM permalink
Quote: terapined

Guilty
His Statement

"To say that I was surprised would be the understatement of my life. I just did lose the biggest bet of my life. Frankly, I am in total shock."

Sentencing is scheduled for July 14


Yes, on ten counts of conspiracy, securities fraud, and wire fraud. It didn't take long, and it become obvious that it wasn't a close call on the evidence. If his "shock" remark was actually a rare truthful statement from him, rather than blowing his usual well practiced Billy, Inc. PR smoke, then he's become delusional. Which might be an improvement in his character.

http://lasvegas.cbslocal.com/2017/04/07/vegas-gambler-tied-to-phil-mickelson-convicted-of-insider-trading/

And congrats to the AP reporters for writing it straight, unlike some of the local hacks in the past. without the local imbecile bait of trumpeting his flimsy line of bullshit peddling the infantile fantasy that his wealth actually has something to do with this huckster being a brilliant sports bettor. His money comes from looting the public treasury, stealing money from local government and education through rezoning>sale>re-rezoning>re-sale land scams greased by doling out bribes... er, ah, make that civic minded "golf course developments" and the like. on formerly public land that later always seems to get quietly "re-purposed" after the public assets are turned over to him for virtually nothing *ahem*cough*snort*

Quote: AssociatedPress

...said Walters made over $40 million illegally from 2008 to 2015 trading on the stock of...

...has built a sprawling business of auto dealerships, car rental agencies and golf courses worth hundreds of millions of dollars...

Given the many thousands of kids that are much less likely to be able to read and calculate competently because learning resources are depleted in order to line his pockets, the several millions of people who frequently can't get from there to there because Billy Walters' scams sucked away funding for timely completion of essential transportation projects, the severely disabled people that will get no training and help, the homes and neighborhoods that get needlessly flooded due to the derailed drainage projects.... all things considered, with the total lifelong magnitude of harm done by this lowlife being much greater affecting so many more people than a lot of garden variety robbing & murdering street creeps, I truly sincerely hope this very rich elderly scumbag never does manage to leave his cage, and dies in prison, making the world a better place by not being in it.
Last edited by: DrawingDead on Apr 8, 2017
Nevermind.
DRich
DRich
Joined: Jul 6, 2012
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April 8th, 2017 at 7:31:26 AM permalink
Of course there will be an appeal. The next bet has to be will he try and jump bail?
lilredrooster
lilredrooster
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April 8th, 2017 at 8:17:14 AM permalink
I'm not commenting on the Walters case, but to me, it is very difficult to understand what is and what is not insider trading. It is the job of analysts at the big investment banks to pump corporate execs for info and then pass along buy or sell recommendations. In some cases it is very clear cut; for example if a drug company exec somehow knew that his company's new drug which has great potential for sales will be approved or rejected 3 days before the FDA decision is announced. But in many other instances it is very unclear. Its not in fashion to feel sympathy for Wall Street guys but actually I do if the Fed is after them and they are doing what they see as being their job. The Feds are like King Kong. You are really in for a bruising if they want to mess with you.
everybody wants to go to heaven. but nobody wants to die.
DrawingDead
DrawingDead
Joined: Jun 13, 2014
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April 8th, 2017 at 8:56:37 AM permalink
Quote: DRich

Of course there will be an appeal. The next bet has to be will he try and jump bail?

Yes, and he's got the money to make that appeal a complex (long) one. But I don't know about the bail jumping. I think not if it involves being obscure somewhere. Doesn't seem to me to fit with this guy who has been so invested for so long in manufacturing what people think of him, and making sure that they DO think of him, a guy whose life has been manipulating others to buy into him, who seems to live for creating a spectacular facade, who first made himself into a mega-car salesman, for years has constantly 'invested' in creating an image as the most stupendously brilliant epic super-success beyond God's own wildest dreams of brilliant success... I dunno. Can you skip out on Federal bail to somewhere while directing personal publicists in the greasing of an army of media flacks? I get the impression he's the sort who'd pretty much die by just going *poof* into a pile of dust if he ever had to live in comfortable obscurity as Mr. William Anonymous Nobody, Jr.

And besides not putting himself on a public pedestal for awesome success and breathtaking brilliance, I imagine he'd also need to trim his conspicuous world's most nicest guy that's a nicer guy than all nice guys put together plus the ghost of Ghandi + Saint Mary routine. The one with the heavily publicized contributions to charities that he finds time to make, somehow in between his busy schedule of buying the most ludicrous ostentatious mansions (plural - many of them) with the money ultimately ripped-off from those needing the help of those charities. Here are just a few of them, among many in his busy "everybody MUST look UP at MY huge mansion" collection:





Is this a guy who can stand to be just a man among men & women, albeit mysteriously more comfortable, while being a commoner instead of up in lights as One Who Is Too Stupendous for Mere Kings & Tsars? You can employ people to publicize yourself as Greater Than Zeus (and modest about it) from prison.

With his great "aw-shucks" salesman's gift of gab, and enough buried loot, maybe he could swing a deal for buying a small island country? With no extradition to anywhere ever as the dominant legal principal above all, or willing to get that way. And sufficient technical infrastructure to broadcast worldwide how brilliantly clandestine he is. And a landing strip for some of his planes, and room for the lesser aircraft of the info-tainment industry people who can film more of his scripts describing how he's so very cleverly under the radar.

Edit-ADDENDUM:
Quote: lilredrooster

But in many other instances it is very unclear.

With bolded empahsis added by me in quoting you: I agree.

There does seem to me to be an insufficiently defined continuum among the insider trading prosecutions I've read about, with some being pretty damn clear I think to any reasonable person who was born with even a slightly intact ethical compass, some others where the prosecutorial conduct personally creeps me out a whole lot more than whatever vague transgression of uncertain effect was allegedly involved, and a fair number that seem kinda squishy in-between. For what it may be worth (and I don't have the expertise to know how much worth that may be) the government (US Justice Dept. and the much worse NY State Atty Gen'l political-publicity hound) have both lost some high profile insider trading cases, or had so much of their wannabe case tossed out pre-trial that they apparently decided to "win" some of them by settling in a civil compromise for what seemed to amount to a half empty bowl of pistachios on the desk of a mail clerk, and a promise that they won't do what they may not have done, so that something that perhaps didn't happen will never happen again.

But this isn't that. Not overzealous or squishy or something any shcoolchild would have a hard time recognizing as just plain crooks being crooked. I should plainly state that I've deeply despised this smarmy creep for a long time, for a very long list of reasons that predate these crimes and were not part of this particular case. So I'm disqualified for this jury 'cause I'd already be eager to hang the scum before lunch on day one for everything else. This isn't his first, second, or third rodeo being known as "the defendant" and anyone who has paid even slight attention to the rancid shameless corruption of the Southern Nevada political machine, in which Walters is a honcho, can't help being aware that there would be hundreds of felony counts putting him away to the end of time if not for his ability to make himself untouchable royalty for decades through his influence (*ahem* cash money) in that machine.
Last edited by: DrawingDead on Apr 8, 2017
Nevermind.
NokTang
NokTang
Joined: Aug 15, 2011
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June 4th, 2017 at 11:05:22 PM permalink
Quote: DrawingDead

Yes, and he's got the money to make that appeal a complex (long) one. But I don't know about the bail jumping. I think not if it involves being obscure somewhere. Doesn't seem to me to fit with this guy who has been so invested for so long in manufacturing what people think of him, and making sure that they DO think of him, a guy whose life has been manipulating others to buy into him, who seems to live for creating a spectacular facade, who first made himself into a mega-car salesman, for years has constantly 'invested' in creating an image as the most stupendously brilliant epic super-success beyond God's own wildest dreams of brilliant success...



All this anger and disdain over one wrong football pick? Who was it he told you to bet on?

Fleeing the country is certainly in the cards. He's got the money and life in the Caribbean beats even a country club Federal Prison. The guy is 70. God Bless You and better luck. OO.

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