Thursday 29th September 2016,
Balltribe

Phil Mickelson Sued By SEC

Phil Mickelson Sued By SEC

Phil Mickelson

The SEC has filed a civil law suit naming Phil Mickelson as a “relief defendant,” the five time major winner has been accused of insider trading. According to the SEC Mickelson has made approximately $931,000 on Dean Foods stock because of an insider tip.

Sports bettor Billy Walters and former Dean Foods chair were arrested Wednesday on criminal charges of securities fraud. Mickelson, who golfs with Walters, is said to have profited from an insider tip that Dean Foods would be announcing a profitable subsidiary, The WhiteWaves Food Company.

Since Phil allegedly took Billy’s info and profited from it the SEC believes the money was ill-gotten and that he should have to forfeit and pay back the profit he made to the SEC.

The SEC also believes Phil owed Walters money at the time of the trade therefore their assumption is that he was urged to make financial moves in order to pay Walters back.

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