Pro Golfer Phil Mickelson is under fire from the FBI for suspicious activity on the stock market back in 2011. The insider trading scandal investigation is alleging that Mickelson made some questionable moves when taking advice from investor Carl C. Icahn.
The week started off pretty well for Mickelson, who has been off to a rough start this year (via USA Today):
"'From a golf standpoint, it wasn't a bad week,' said Mickelson, who is off to the worst start of his pro career with zero top-10s in 13 starts. 'I started working the ball a lot more with some iron shots and I had thought a successful week as far as it being a good stepping stone. Next week is when I have to put it together and play well. If I can play well, get in contention, it will give me some momentum for the Open.'"
Then things went south when FBI agents approached Mickelson on suspicion of insider trading. Mickelson completely denies any wrongdoing, although some financial experts say that even if he took advice from Ichan that he didn't break the law. John Tammy of Forbes says that the legal water is murky at best, and that following the advice of a successful investor is actually healthy for the economy (via Forbes):
"Applied to Mickelson, assuming the allegations about his trading history are true, the fact that he may have utilized Icahn's expertise means that he provided the marketplace with essential information."
For his part, Icahn denies any wrongdoing as well (via New York Times):
"In an interview, Mr. Icahn said 'I don't give out inside information,' adding that 'for 50 years I have had an unblemished record.' Mr. Icahn argued that any suggestion he had done anything wrong was 'irresponsible.'"
What do you think? Does the FBI have a case? Should Mickelson's actions (if he did it) be illegal, or are they an essential part of a healthy economy?
Tell us your thoughts in the comment field below.
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