The Security and Exchange Commision (SEC) has named Phil Mickelson in a federal lawsuit regarding insider trading.
Mickelson, a well-known gambler, was tipped off by a gambler friend, William Walters, on stock for Dean Foods. Per Bleacher Report, Mickelson bought $2.4 million worth of shares in Dean Foods, sold the shares and subsequently made around $930,000 in the week following.
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Suspicion was raised due to the fact that previous to his $2.4 million buy of Dean Foods shares, Mickelson had only about $250,000 of his estimated $180 million net worth invested in the stock market.
The suit is in civil court meaning Mickelson won’t be charged criminally, a la Martha Stewart, but he does stand to face court appearances and will most likely have to return the profit from the sale of shares. The discretion occurred back in 2012.
(This article has been updated. Due to no criminal wrongdoing, he is being sued in civil court rather than charged criminally.)