Following today’s surprising SEC charge that alleged Phil Mickelson violated securities laws and illegally profited from insider trading to the tune of almost $1 million, here is the response his lawyers just sent out.
The SEC has now completed its investigation into that investment and has concluded that Phil Mickelson did not engage in any wrongdoing. The SEC has filed a civil complaint against certain individuals, including an acquaintance of Phil’s, but that complaint does not assert that Phil Mickelson violated the securities laws in any way. On that point, Phil feels vindicated. At the same time, however, Phil has no desire to benefit from any transaction that the SEC sees as questionable.
Accordingly, he has entered into an agreement with the SEC under which he will return all the money he made on that 2012 investment. Phil understands and deeply respects the high professional and ethical standards that the companies he represents expect of their employees, associates and of Phil himself. He subscribes to the same values and regrets any appearance that, on this occasion, he fell short. He takes full responsibility for the decisions and associations that led him to becoming part of this investigation.
As he moves forward, Phil remains committed to demonstrating that he fully shares the same values as the companies he represents. He very much appreciates that they have determined to continue their sponsorship agreements with him. He is pleased that this matter is over, and he will have no further comment.”
So the message here is that all it takes to avoid any prosecution in such cases is simply to repay any illegal inside trading profits and move on with your life. Oh, being a world famous golfer helps.
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