Phil Mickelson to Pay SEC on Insider Trading Complaint

Photo from Google Images

Photo from Google Images

 

The Securities and Exchange Commission filed a complaint against Phil Mickelson, a famous golfer, as relief insider trader, which bagged him $1 million in profits, at the U.S. District Court of Southern District of New York. Bill Walters, fellow golfer, and Thomas C. Davis, CEO of Dean Foods, are also implicated in the lawsuit.

Mickelson had owed Davis money from gambling, and instead of paying him back, Davis allegedly convinced Mickelson to invest in the stocks of Dean Foods instead; which Mickelson did; $2.4 million worth of stocks. When Dean Foods announced plans for WhiteWave, a different branch of the store, Mickelson sold the stocks which had risen in price by 40%, and paid Walters back.

Mickelson has not been charged with a crime, and will not need to defend against federal prosecution, but will have to forfeit the $1 million gained through insider trading on the stocks of Dean Foods done in 2011. Mickelson is not charged with a crime, and he supposedly does not wish to keep the money if the SEC believes it to be ill-gotten.

 

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