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The Latest: Phil Mickelson to repay $1 million in SEC case
Published May 19, 2016
The Latest on an SEC insider trading case involving golfer Phil Mickelson (all times local):
12:25 p.m.
Professional golfer Phil Mickelson has agreed to forfeit nearly $1 million dollars that the Securities And Exchange Commission says he earned in an illegal insider trading scheme.
The SEC says a gambler named William Walters received tips and business information about Dean Foods Co. from former Dean Foods director Thomas Davis between 2008 and 2012.
Authorities say one of those tips was passed along to Mickelson, who made a big, successful stock trade with the information.
Mickelson's management group issued a statement Thursday saying that he had reached an agreement with the SEC to return all of his profit.
The statement says Mickelson "has no desire to benefit from any transaction that the SEC sees as questionable."
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10:51 a.m.
The Securities And Exchange Commission is filing a complaint against professional golfer Phil Mickelson related to insider trading.
The SEC says a gambler named William Walters received tips and business information about Dean Foods Co. from former Dean Foods director Thomas Davis between 2008 and 2012.
In 2012, the SEC says Walters called Mickelson, who owed him money, and urged him to trade Dean Foods stock. The SEC says Mickelson did so the next day and made a profit of $931,000.
Mickelson was not in the field of the Byron Nelson Classic in Irving, Texas, where play began Thursday morning. Calls to his representatives were not immediately returned.
https://www.foxnews.com/us/the-latest-phil-mickelson-to-repay-1-million-in-sec-case