Say it ain’t so, Phil.

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, Auditing, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, Intermediate Accounting, Managerial Accounting.

Professional golfer Phil Mickelson was recently named in an SEC complaint regarding insider trading information that he received from William Walters, a sports gambler.

Questions:
1. During what period did the insider trading take place?
2. Phil has been named as a “relief defendant.” What does that mean?
3. What shares did Phil buy and how much profit did he make? What was the information that he acted upon?

Source:
Bonesteel, M. (2016) Phil Mickelson earned $1 million from insider trading. The SEC wants it back. The Washington Post, May 19 (Retrievable online at https://www.washingtonpost.com/news/early-lead/wp/2016/05/19/phil-mickelson-earned-1-million-from-insider-trading-the-sec-wants-it-back/)

Phil