by Matthew Doarnberger
Mises.org
Professional golfer Phil Mickelson was back in the news this summer thanks to a 2014 federal investigation into an insider trading case. It is alleged that Mickelson owed high stakes sports gambler Billy Walters a considerable amount of money in July of 2012. As a result, Walters advised Mickelson to buy stock in Dean Foods Company as a result of an inside tip received by Walters’ longtime friend and top Dean Foods director Thomas C. Davis. The purchase netted Mickelson $931,000 after he sold the stock less than one month after purchase. The Securities and Exchange Commission (SEC) has now ruled that he must return the entire $931,000 plus another $105,000 in interest. Davis and Walters are named as co-defendants in the SEC’s civil suit while Mickelson is named only as a relief defendant. No further legal action will be taken against the golfer commonly referred to as “Lefty.”