Have you ever puzzled over what sort of gift to give an acquaintance who has earned nearly $3 million for half a year’s work?
How about a $1 million dollar stock tip?
Five-time major-champion golfer Phil Mickelson seems to have been the beneficiary of just such a gift when he used non-public information, aka. insider trading, to earn around $1.5 million AUD from a trade in Dean Foods stock.
Mickelson was named in an insider-trading lawsuit filed last night, so it would seem that putting woes are not the only issue the golfer has on his plate.
The U.S. stock market watchdog, the Security and Exchange Commission (SEC), filed the suit again Mickelson. The SEC is attempting to recover “all ill-gotten gains in the form of illicit trading profits.”
Allegedly, Mickelson got the information in 2012 from a well-known sports gambler named Billy Walters.
Mickelson, known to enjoy a punt, supposedly owed Walters money from punts gone sour, and used some of the money from the stock tip to settle his ledger.
Mickelson, even though his form has fallen off as he approaches the lead-up to playing on the PGA Seniors Tour, has long been a poster-child for all the positive contributions the PGA of America makes to various charities.