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NEW YORK (Reuters) Questions about how cheap Canada Goose to apply securities law to activist investors could complicate any potential insider trading case against billionaire Carl Icahn, pro golfer Phil Mickelson and Las Vegas gambler William Walters, legal experts said.

canada goose outlet new york city Canada Goose Online Billionaire activist investor Carl Icahn gives an interview on FOX Business Network’s Neil Cavuto show in New York February 11, 2014. federal investigators are looking into whether Mickelson and Walters may have traded illegally on private information provided by hedge canada goose uk outlet fund manager Icahn, a source familiar with the matter said on Friday. None of the three men has been accused of any wrongdoing, the canada goose factory sale source said. canada goose outlet new york city

Icahn style of investing is to aggressively canada goose buy stock with uk canada goose the aim of changing the direction of corporate boards, which makes him an outsider when federal insider trading laws have traditionally focussed on corporate insiders, according to legal experts.

canada goose outlet store The federal probe centres on trades scrubsuniforms in Clorox Co by Walters as Icahn was making moves to access the company board in 2011, the New York Times reported. canada goose outlet store

After accumulating a 9.1 percent stake in Canada Goose Parka Clorox, Icahn made a bid valued at more than $10 billion to buy the consumer products company, which sent stock soaring.

canada goose outlet uk Even if Icahn did leak information about his plans regarding Clorox, he may not necessarily have violated the law. Prosecutors would have to show he had breached a Canada Goose sale fiduciary or confidentiality duty by disclosing material, nonpublic information that was later traded on. canada goose outlet uk

canada goose black friday sale part of our capitalistic spirit, that people who create the ideas should be able to exploit them, he said, noting that this could complicate a canada goose coats on sale potential government case. canada goose black friday sale

official canada goose outlet The regulations also raise the issue of who Icahn would have a duty to in his investing role, said Reed Brodsky, an expert in white collar crime at Gibson Dunn. official canada goose outlet

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canada goose outlet shop FACTS Roland Riopelle, a former government prosecutor, said Icahn may have had a duty to his own investors to keep certain information confidential. If that duty was breached, the government could argue he violated insider trading laws, he said. canada goose outlet shop

canada goose outlet jackets Canada Goose Jackets could come down to whether (Icahn fund) had written rules that would prohibit this kind of disclosure or conduct, Riopelle said. they didn have canada goose black friday sale any rules, then (they) are not going to have a case. canada goose outlet jackets

canada canada goose uk shop goose factory outlet case of this kind canada goose coats really comes down to the granular facts, he said. canada goose factory outlet

canada goose outlet canada goose uk black friday Icahn sent a letter in July 2011 to Clorox chairman offering to purchase the company for $76.50 a share and saying he could arrange debt financing for the deal. He later raised the bid to $80 (47 pounds). canada goose outlet

canada goose outlet sale If Icahn had launched a formal tender offer, it would have triggered a different standard of disclosure rules under the SEC 1968 Williams Act, said John Coffee, an expert in corporate governance at Columbia Law School. canada goose outlet sale

canada goose outlet online uk Prosecuting Mickelson and Walters would present Canada Goose Outlet a different set of challenges, the experts said. Circuit Court of Appeals Canada Goose online that could make it harder for the government to prosecute insider trading cases. canada goose outlet online uk

canada goose outlet canada Two hedge fund managers brought the appeal in an effort to overturn their insider trading convictions. Supreme Court in 1983 canadian goose jacket held that the recipient of nonpublic information a can only be found to have engaged in insider trading if the tipper benefited from the disclosure. The appeals court is being asked to address whether prosecutors must show the tippee knew of the tipper benefit, which can be financial or non monetary. canada goose outlet canada

canada goose outlet store uk Mickelson and Walters, if they were alleged recipients of inside tips, could be helped by a ruling that toughens the standards for government prosecutors, the experts said. canada goose outlet store uk

canada goose outlet uk sale In response to Friday news of a federal probe into possible insider trading Icahn told Reuters he was unaware of any investigation and said his firm Canada Goose Coats On Sale always followed the law. Mickelson, a Masters champion, said he has done nothing wrong and is cooperating with the investigation. Walters did not respond to requests for comment. canada goose outlet uk Canada Goose Outlet sale

canada goose outlet nyc Officials with the FBI and the SEC declined to comment. canada goose outlet nyc

canada goose outlet black friday cheap canada goose uk (This story has been refiled to delete a reference to Mickelson in paragraph 4 to reflect a correction by the New York Times to its online May 30 story on the investigation. The Times now says that while Mickelson is a focus of the probe, he is not connected to trades involving Clorox.) canada goose outlet black friday.