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SEC Just Filed A Complaint Against Phil Mickelson For Insider Trading

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SEC Just Filed A Complaint Against Phil Mickelson For Insider Trading

Phil Mickelson is famous for his dozens of PGA Tour event wins, including five major championships. However, Mickelson has a reputation of also being a gambler which may have landed him in hot water.

According to Reuters, U.S. authorities charged an ex-Chairman of Dean Foods Co (NYSE: DF) and a professional Las Vegas gambler with taking part in an insider trading scheme that connects back to Mickelson.

The ex-Chairman, Thomas Davis, is also known to be a gambler.

Reuters added that William "Billy" Walters, a professional Las Vegas sports better was also charged with insider trading. Both individuals were charged with securities fraud, wire fraud and conspiracy. It's alleged that from 2008 to 2014, Walters obtained inside information from Davis to make $32 million in profits and avoid $11 million in trading losses.

However, Mickelson wasn't criminally charged and was named as a relief defendant in a civil suit. A relief defendant isn't accused of any wrongdoing, but still benefited from gains due to the illegal acts of others. He allegedly made close to $1 million of the tip.

Shares of Dean Foods appear to be unaffected by the news and were trading higher by nearly 0.50 percent late Wednesday morning.

Posted-In: insider trading PGA Phil Mickelson Phil Mickelson Insider TradingNews Legal Sports General Best of Benzinga

 

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