Did Phil Mickelson Pay $1M Gambling Debt With Insider Trading Profit?
The online Gambling news has been filled with articles about the pro golf player, Phil Mickelson. According to an article in the New York Post the Securities and Exchange Commission (SEC) allegedly reported that Phil Mickelson made one million dollars off of insider trading. Phil Mickelson also reputedly used the profits from insider trading to pay off very large gambling debt.
The Manhattan US Attorney Preet Bharara reportedly stated that “These bets (stock investments) were no gamble at all — they were a sure thing,”. It appears that the forty-five year old PGA star lost a tournament to the big Las Vegas gambler Billy Walters but was able to make the money back by supposedly getting his stock tips on Dean Foods.
Now Phil Mickelson reportedly has to pay back the one million dollars that he purportedly made from insider trading with his stock tips on Dean Foods. Would Phil Mickelson really go this far? Was he really in over his head for a gambling debt? These are all questions that we are wondering. The good news appears to be that Phil Mickelson is not facing any criminal charges for these actions.
The New York Post referred to Phil Mickelson as a “relief defendant” in a civil case. Allegedly according to this article in the New York Post, a Supreme Court ruling reportedly stated that folks that only face criminal charges if they know the person giving insider tips. Does this mean that Phil Mickelson is off the hook? Will he avoid any criminal prosecution? The future will tell but as of now it appears that the PGA star is going to be able to go back to his successful golf PGA career.
Phil Mickelson did not make a statement on the record but his attorneys had a few things to say. They supposedly stated that “Phil has not been charged with insider trading,” and that “Phil was an innocent bystander to alleged wrongdoing by others that he was unaware of.”
Many people are wondering how this whole scandal happened, if it even is true at all. Supposedly this situation started when chairman of Dean Foods gave Phil Mickelson stock tips. Thomas Davis allegedly told Phil Mickelson that his company Dean Foods would sell their organic food and their beverage line in Whitewave by in 2013.