The SEC, to prove its case, must show (1) that Eric McPhail gave his buddies material nonpublic information (seems easy), (2) that he did it for a
benefit to himself (again, easy, steak), and (3) that he had, and
knew he had, a legal duty to keep his
golf buddy's secrets.
The three complimentary rounds of
golf will
no longer be available beginning July 23, and the much - loved fourth hotel night free
benefit will be altered to depend upon the average nightly rate of the stay.