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Title : How Phil Mickelson Avoided Green Mile With OJ Like Legal Escape On Insider Trading
link : How Phil Mickelson Avoided Green Mile With OJ Like Legal Escape On Insider Trading
I'm generally not one to plug GolfDigest.com but they just published a brilliant guest piece by CNN's legal expert Jeffrey Toobin who describes the Phil Mickelson with Billy Walters insider trading case really well including how Lefty extricated himself from trouble yet again via a legal loophole.
But Mickelson's legal odyssey had a final twist. The Newman case, decided by the Second Circuit in December 2014, effectively prevented a criminal prosecution against Mickelson.
But while the criminal prosecution of Walters was pending, the United States Supreme Court took up another case from California, which had limited insider-trading law in a nearly identical way that Newman had done in New York.
In a unanimous decision in December 2016, the Supreme Court rejected the Newman rule and held that recipients of inside information could be prosecuted even if they didn't know what the original tipper received. In other words, Mickelson might have been prosecuted if his case had arisen before December 2014 or after December 2016.
But because the Newman case was the law in New York when his case came up, Mickelson dodged trouble on either side—just as he did between those two trees at Augusta.
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Title : How Phil Mickelson Avoided Green Mile With OJ Like Legal Escape On Insider Trading
link : How Phil Mickelson Avoided Green Mile With OJ Like Legal Escape On Insider Trading
How Phil Mickelson Avoided Green Mile With OJ Like Legal Escape On Insider Trading
Phil Mickelson and OJ Simpson eh? Sportsmen sure do know how to hire damn good lawyers to escape prosecution.I'm generally not one to plug GolfDigest.com but they just published a brilliant guest piece by CNN's legal expert Jeffrey Toobin who describes the Phil Mickelson with Billy Walters insider trading case really well including how Lefty extricated himself from trouble yet again via a legal loophole.
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| Probably Phil Mickelson's greatest ever escape. |
But Mickelson's legal odyssey had a final twist. The Newman case, decided by the Second Circuit in December 2014, effectively prevented a criminal prosecution against Mickelson.
But while the criminal prosecution of Walters was pending, the United States Supreme Court took up another case from California, which had limited insider-trading law in a nearly identical way that Newman had done in New York.
In a unanimous decision in December 2016, the Supreme Court rejected the Newman rule and held that recipients of inside information could be prosecuted even if they didn't know what the original tipper received. In other words, Mickelson might have been prosecuted if his case had arisen before December 2014 or after December 2016.
But because the Newman case was the law in New York when his case came up, Mickelson dodged trouble on either side—just as he did between those two trees at Augusta.
Join the GolfCentralDaily community on Facebook Here and on Twitter Here. Follow @golfcentraldoc
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