Phil Mickelson could be in some serious trouble.
The Securities and Exchange Commission filed an insider trading suit on Thursday, naming the golfer as a relief defendant in the case.
According to the suit, Mickelson received tips from sports gambler William “Billy” Walters, who is close friends with Dean Foods chairman Thomas Davis. The suit claims “Mickelson had placed bets with Walters both before and after July 2012 and owed Walters money” when Walters called Mickelson to discuss Dean Foods.
The suit claims:
At a time when Walters was in possession of material nonpublic information regarding Dean Foods, Walters communicated with Mickelson and urged Mickelson to trade in Dean Foods stock, which Mickelson did the next trading day in three brokerage accounts he controlled.