Report: Phil to invoke Fifth Amendment if asked to testify in insider-trading case

March 27, 2017

Phil Mickelson won’t be called to testify in the insider-trading case involving gambler Billy Walters because he would invoke the Fifth Amendment. Bloomberg reports that Mickelson would make use of his rights under the amendment, which protects against self-incrimination, to avoid testifying.

“He is on our witness list, but we understand from his counsel he would invoke his Fifth Amendment if called,” said Barry Berke, one of the lawyers in the case. 

Walters is accused of making $43 million using insider trading tips from Tom C. Davis, who was the chairman of Dean Foods Co. Walters was a golfing buddy of Mickelson’s and passed some of these tips to Mickelson, who used them to make $931,000. Mickelson has since said he will repay this money. The government did not accuse Mickelson of committing a crime or of knowing that the tips he’d received were from an inside source.

On March 22, the Associated Press reported that Mickelson believed he would not be called to testify in the trial.