Phil Mickelson Made Nearly $1M on Insider Trading: SEC

Commission names pro golfer in federal lawsuit
By Newser Editors and Wire Services
Posted May 19, 2016 7:00 AM CDT
Updated May 19, 2016 11:01 AM CDT
Pro Golfer Made Nearly $1M on Insider Trading Tip: SEC
In this May 29, 2014, file photo, Phil Mickelson reacts after making double bogey on the 17th hole during the first round of the Memorial Golf Tournament in Dublin, Ohio.   (AP Photo/Jay LaPrete, File)

The Securities and Exchange Commission is filing a complaint against professional golfer Phil Mickelson related to insider trading, the AP reports. The SEC says gambler William Walters received tips and business information about Dean Foods Co. from Thomas Davis, former head of Dean Foods, between 2008 and 2012. The SEC says Walters called Mickelson, who owed him money, in 2012 and urged him to trade Dean Foods stock. The SEC says Mickelson did so the next day, buying 240,000 shares and making a profit of $931,000, per ESPN. He then used that money to pay Walters back his IOU a few months later, the SEC says.

Mickelson's attorney told ESPN on Thursday that the golfer, who wasn't charged criminally, has made a deal with the SEC that involves him returning all money made from that trade—what the SEC refers to as "all ill-gotten gains in the form of illicit trading profits," per USA Today. Mickelson was not in the field at the AT&T Byron Nelson tournament in Irving, Texas, where play began Thursday morning. Walters, meanwhile, was arrested in Las Vegas Wednesday and charged with insider trading; he's set to appear in court Thursday. (The New York Times offers a more in-depth look, including more on Walters, often said to be the best sports bettor in the US.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.
Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.