Mickelson Named in Insider Trading Lawsuit, Agrees to Return Money
A civil case filed by the Securities and Exchange Commission Thursday names Phil Mickelson as having benefited from insider trading.
Mickelson has not been charged with any wrongdoing and has "entered an agreement with the SEC" to return any money made from the trade, according to Golf Channel's Will Gray.
In the complaint the SEC announced federal insider-trading charges against Thomas C. Davis, former chairman of Dean Foods, and noted sports gambler William "Billy" Walters.
Authorities allege Davis passed inside information to Walters. Mickelson, the SEC alleges, owed Walters money for gambling debts, and Walters gave Mickelson information leading to roughly $1 million in trading gains. The SEC says that money was used to cover Mickelson's debts.
Statement from Mickelson attorney: Phil has entered into an agreement with SEC under which he will return all $ from trade in question.— Will Gray (@WillGrayGC) May 19, 2016