A sign of the times, Dick's Sporting Goods laid off 500 PGA golf instructors. Now, the recent moves by the Securities and Exchange Commission (SEC) might be accelerating that downward trajectory.
In Fortune, Tom Huddleston, Jr. reports that the federal agency has been sending the message that insider traders better not use golf courses and their associated country clubs to pass along information. Huddleston notes that today, the SEC has announced that it is charging golf friends Patrick O'Neill and Robert Bray with insider trading.
Allegedly O'Neill, then an executive at Eastern Bank, informed Bray that his employer was going to buy Wainwright Bank & Trust. From the tip, Bray netted $300,000. Here is the Fortune coverage.
Those intent on doing wrong will probably have to resort to transmitting information via smoke signals. We know all about wiretaps, folks wearing wires, and dumb emails tripping up those with ill-gotten gains.