SEC Files Insider Trading Complaint Against Golfer Phil Mickelson
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NEW YORK (CBS) - Golfer Phil Mickelson on Thursday was accused of insider trading in connection with a case where two others are facing criminal charges.
The Securities and Exchange Commission alleges Mickelson used an alleged tip he received from gambler William "Billy" Walters, who got information from former Dean Foods chairman Thomas Davis.
The SEC said Walters called and then sent text messages to Mickelson, who ultimately bought a $2.4 million position in three accounts he controlled. Those securities "dwarfed" Mickelson's other holdings, which were collectively valued at less than $250,000, the SEC said. Mickelson had not been a frequent trader, and these were his first Dean Foods purchases, the SEC said. Mickelson made a profit of approximately $931,000 from the stock, which he held for about a week.
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