CNNFN writes article about Mickelson to pay SEC for profit on inside stock tip:
by Chris Isidore and Ahiza Garcia @CNNMoney May 19, 2016: 11:47
AM ET
Mickelson returns $931,000 profit on stock sale
Mickelson returns $931,000 profit on stock sale
Golfer Phil Mickelson will pay the Securities and Exchange Commission the
$931,000 profit he made on an insider stock tip.
Two other individuals allegedly involved in the insider trading case
with Mickelson are Las Vegas investor and gambler Billy Walters and
Thomas Davis, the former chairman of Dean Foods. Walters and Davis were
named in federal criminal indictments unsealed Thursday.
Mickelson was named as a “relief defendant” in the case, meaning he
benefited from wrongdoing but is not accused of any illegal act.
“The complaint does not assert that Phil Mickelson violated the
securities laws in any way. On that point, Phil feels vindicated,” said
the statement released by his attorney, former White House counsel
Gregory Craig. “At the same time, however, Phil has no desire to
benefit from any transaction that the SEC sees as questionable.”
The SEC complaint cites a July 2012 conversation he had with Walters.
According to the SEC, Mickelson and Walters were friends, and the
golfer owed the gambler for bets.
Walters had insider information from Davis about an upcoming spin-off
Dean Food (DF)was planning, and Walters advised Mickelson to buy
CNNFN Article Source Here.