Tour News
SEC files $931K suit against Phil Mickelson for insider trading
This story was updated for accuracy on May 19, 11:15 a.m.
Nothing good comes when you owe a bookie money, as Phil Mickelson is surely finding out. According to a complaint filed by the Securities and Exchange Commission this morning, Mickelson — named as a “relief defendant” — acted on an insider tip from gambler William “Billy” Walters, taking a position in Dean Foods to the tune of $2.4 million and selling his shares a week later at a profit of $931,000.
According to the complaint, Mickelson acted on the tip from Walters because he owed the gambler money, having “placed bets with Walters.” And while we don’t want to jump to conclusions, it seems Walters probably gave Mickelson the option of either repaying him out of pocket or taking the position, liquidating, and passing along the profits to settle his debts.
According to ESPN’s Darren Rovell, “The SEC is seeking to recoup alleged Ill-gotten gains from Mickelson, who was not criminally charged.” Thus, while he is being named, and asked to forfeit his “ill-gotten gains,” Mickelson isn’t being charged criminally (whereas Walters is).
The complaint also indicates that Mickelson does not have a history of trading stock and that the position in Dean Foods dwarfed the golfer’s other holdings. And for our readers who are curious about the specifics of the white-collar crime, the tip in question was a preview of Dean’s earnings and outlook, which was passed along to Walters by a Dean director, prior to the information being released to the public.
And for those who are really interested, here’s the SEC complaint.
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GolfWRX is on site this week at the Valero Texas Open.
The event has been around since 1922, making it one of the oldest on the PGA Tour calendar. Over the years, it’s been held at a variety of courses across the Lone Star State, but it’s found its home at TPC San Antonio in recent years. Some of the biggest names in golf have taken home the title here, including Arnold Palmer, Ben Hogan, Lee Trevino, and Ben Crenshaw.
GolfWRX has its usual assortment of general galleries, WITBs and special pull-out albums. As always, we’ll continue to update the links below as more photos come in from TPC San Antonio.
General Albums
WITB Albums
- Ben Taylor – WITB – 2024 Valero Texas Open
- Paul Barjon – WITB – 2024 Valero Texas Open
- Joe Sullivan – WITB – 2024 Valero Texas Open
- Wilson Furr – WITB – 2024 Valero Texas Open
- Ben Willman – SoTex PGA Section Champ – WITB – 2024 Valero Texas Open
- Jimmy Stanger – WITB – 2024 Valero Texas Open
- Rickie Fowler – WITB – 2024 Valero Texas Open
- Harrison Endycott – WITB – 2024 Valero Texas Open
- Vince Whaley – WITB – 2024 Valero Texas Open
- Kevin Chappell – WITB – 2024 Valero Texas Open
- Christian Bezuidenhout – WITB (mini) – 2024 Valero Texas Open
- Scott Gutschewski – WITB – 2024 Valero Texas Open
Pullout Albums
- Cameron putter – 2024 Valero Texas Open
- Ben Taylor with new Titleist TRS 2 wood – 2024 Valero Texas Open
- Swag cover – 2024 Valero Texas Open
- Greyson Sigg’s custom Cameron putter – 2024 Valero Texas Open
- Davis Riley’s custom Cameron putter – 2024 Valero Texas Open
- Josh Teater’s custom Cameron putter – 2024 Valero Texas Open
- Hzrdus T1100 is back – – 2024 Valero Texas Open
- Mark Hubbard testing ported Titleist irons – 2024 Valero Texas Open
- Tyson Alexander testing new Titleist TRS 2 wood – 2024 Valero Texas Open
- Hideki Matsuyama’s custom Cameron putter – 2024 Valero Texas Open
- Cobra putters – 2024 Valero Texas Open
See what GolfWRXers are saying in the forums.
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GolfWRX is on site in the Lone Star State this week for the Texas Children’s Houston Open.
General galleries from the putting green and range, WITBs — including Thorbjorn Olesen and Zac Blair — and several pull-out albums await.
As always, we’ll continue to update as more photos flow in. Check out links to all our photos from Houston below.
General Albums
- 2024 Texas Children’s Houston Open – Monday #1
- 2024 Texas Children’s Houston Open – Monday #2
- 2024 Texas Children’s Houston Open – Tuesday #1
- 2024 Texas Children’s Houston Open – Tuesday #2
- 2024 Texas Children’s Houston Open – Tuesday #3
WITB Albums
- Thorbjorn Olesen – WITB – 2024 Texas Children’s Houston Open
- Ben Silverman – WITB – 2024 Texas Children’s Houston Open
- Jesse Droemer – SoTX PGA Section POY – WITB – 2024 Texas Children’s Houston Open
- David Lipsky – WITB – 2024 Texas Children’s Houston Open
- Martin Trainer – WITB – 2024 Texas Children’s Houston Open
- Zac Blair – WITB – 2024 Texas Children’s Houston Open
- Jacob Bridgeman – WITB – 2024 Texas Children’s Houston Open
- Trace Crowe – WITB – 2024 Texas Children’s Houston Open
- Daniel Berger – WITB(very mini) – 2024 Texas Children’s Houston Open
- Chesson Hadley – WITB – 2024 Texas Children’s Houston Open
- Callum McNeill – WITB – 2024 Texas Children’s Houston Open
- Rhein Gibson – WITB – 2024 Texas Children’s Houston Open
- Patrick Fishburn – WITB – 2024 Texas Children’s Houston Open
- Peter Malnati – WITB – 2024 Texas Children’s Houston Open
- Raul Pereda – WITB – 2024 Texas Children’s Houston Open
- Gary Woodland WITB (New driver, iron shafts) – 2024 Texas Children’s Houston Open
- Padraig Harrington WITB – 2024 Texas Children’s Houston Open
Pullout Albums
- Tom Hoge’s custom Cameron – 2024 Texas Children’s Houston Open
- Cameron putter – 2024 Texas Children’s Houston Open
- Piretti putters – 2024 Texas Children’s Houston Open
- Ping putter – 2024 Texas Children’s Houston Open
- Kevin Dougherty’s custom Cameron putter – 2024 Texas Children’s Houston Open
- Bettinardi putter – 2024 Texas Children’s Houston Open
- Cameron putter – 2024 Texas Children’s Houston Open
- Erik Barnes testing an all-black Axis1 putter – 2024 Texas Children’s Houston Open
- Tony Finau’s new driver shaft – 2024 Texas Children’s Houston Open
See what GolfWRXers are saying in the forums.
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On the heels of Scottie Scheffler’s dominant victory at Bay Hill, the PGA Tour heads a little farther north in Florida to TPC Sawgrass this week for The Players Championship. And of course, GolfWRX is on site to get a look at what the players are playing.
We’ve already spotted a new Titleist mini driver this week, and there’s plenty more.
Check out our photos below!
Pullout Albums
- New Titleist 2 wood – 2024 The Players Championship
- Cam Young testing Titleist’s new 2-wood – 2024 THE PLAYERS Championship
- Hole Nos. 17 and 18 – 2024 THE PLAYERS Championship
- Toulon Small Batch Texas putter – 2024 The Players Championship
- Swag Golf custom headcovers – 2024 The Players Championship
- New Ping PLD staff bags – 2024 The Players Championship
- SuperStroke St. Patrick’s Day putter grip – 2024 The Players Championship
- Taylor Montgomery using PuttView X training goggles – 2024 The Players Championship
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Driver: Krank Formula Fire Pro (6 degrees) Shaft: Project X HZRDUS T1100 75g 6.5 Mini driver: TaylorMade BRNR Mini Driver...
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Driver: Callaway XR 16 (9 degrees) Shaft: Mitsubishi Rayon Diamana W-Series 60 X Length: 45.5 inches 3-wood: Callaway XR 16 (15 degrees) Shaft: Mitsubishi...
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Johny Thunder
Jun 6, 2016 at 6:17 am
Welcome to Golfwrx, where people who claim to be plus-handicaps also claim to be experts on anything and everything you might raise as a topic. Also, they know all the private lives and inside details of everyone and everything – from Presidential candidates to professional golfers to every CEO on the planet. In their spare time, they know how to run every golf company better than anyone else, prophecy with 100% accuracy what each company will release next (“I guarantee 100%”), all while hitting a little low-spin knockdown 6 iron 220 uphill into the wind over the water to a tucked flag, which they had to do because their irons go too far and DG X100 hard-stepped twice always balloon on them. It’s all about gapping, my friends.
Chuck D
May 20, 2016 at 4:17 pm
@Mac Attack: If dude is allegedly worth $180mil, why would he need to borrow $2.4mil to purchase insider traded stock. Why not just grab the gator bound checkbook and scratch one out for 2 plus mill? Oh, forgot, he’s a degenerate gambler with about $30k in the bank! Lol! Must be nice! Go get ’em Phil, get that “vindication” trophy while you can! Let’s see, a wife, 3 kids, a mortgage, 5-6 cars, new pimped out crib, gambling debts, a stripper, an alleged baby mama near da Mahztaz Toooonament, as Hootie used to say. Yup, ‘ol Phil’s prolly in desperate straights!!
Chuck D
May 20, 2016 at 4:10 pm
Darn!!! Dey must’a flushed it. Sad
Chuck D
May 20, 2016 at 4:09 pm
Uh oh, a moderator delay. Hopefully my comment won’t get the snatch grab!! Hahahaha!! 10, 9, 8, 7 ,6, 5, 4, 3, 2………………
Chuck D
May 20, 2016 at 4:07 pm
In this country, having the “complexion for protection” is HUGE! Relief defendant?!! Whaaaat!! Never heard that term in my adult life! You’ve got to love a piece of KPMG’s mission statement (Phil’s major sponsor, errrr, enabler for those of you north of the border.) And I quote, “Tax arrangements relating to tax avoidance.” KPMG in 2005 admitted to criminal wrongdoing in creating fraudulent tax shelters to “help” wealthy clients avoid $2.5 billion in taxes and agreed to pay $456 million in penalties!! New thoughts for me when I see Pickle’s ball cap sponsor tag. Wonder if he had to pay additional “advisory” fees to his bookie? This is so contaminated with dog excrement that I can’t stand writing about it.
Step right up folks nothing to see here, keep it moving, step up and purchase your overpriced tickets “where the proceeds ‘allegedly’ go to charity” and see Pickle live at the next bogus tour stop! The “w_ _ _ e” hope get’s a free pass on the grounds that he is an upstanding member of the southern California community that has made it clear to all that he hates paying taxes. I love this story and I hope that it has a long life!! Oh wait, Mr. Pickleson has already stated vindication!! On what grounds? Was there a trial that fill sat on? Vindicated?!! I LOVE IT!!! What’a country!!!
RAT
May 20, 2016 at 8:48 am
Wasn’t smart , got caught! Fact . The password “Dallas Cowboys ” should have told you Phil!
Lp
May 20, 2016 at 2:05 am
I love Phil. Phil is the best. He does nothing wrong, ever. It’s always somebody else who f’s it up.
Patrick
May 20, 2016 at 9:52 am
Second!
Dave
May 19, 2016 at 9:47 pm
He got his tip from J.D.
Thudstaff23
May 19, 2016 at 6:40 pm
So glad I get all of my stock tips right out of thin air!
ooffa
May 19, 2016 at 4:42 pm
Never bet more then is in your pocket. Imagine how deeply involved he is if this is how he agreed to pay a bet. Tip of the iceberg boys. He is a degenerate gambler through and through.
Eric
May 19, 2016 at 9:59 pm
The bookie couldn’t pay him so gave him the tip, not the other way around
8thehardway
May 19, 2016 at 4:27 pm
Pssst Phil, Pork Bellies!!! Pay me next week.
Ronnie Biggs
May 19, 2016 at 2:30 pm
And “he” was not sleeping around until he was……the naivety of some on here is truly outstanding.
Dennis
May 19, 2016 at 2:23 pm
He has basically been cleared of any wrongdoing. People are way too quick to condemn when the facts are not all available.
Jafar
May 19, 2016 at 2:12 pm
Phil’s Response: “I only get out of bed for for a million dollar or more fines…”
larrybud
May 19, 2016 at 2:00 pm
Yeah, but can Phil turn $1,000 into $100k in 10 months from cattle futures like a certain female Presidential contender? lol
B. Parsons
May 19, 2016 at 2:44 pm
Sad that a criminal such as her has a chance of winning the presidency.
Johny Thunder
Jun 6, 2016 at 6:11 am
Too bad the other side can offer *only* criminals!
Mac Attack
May 19, 2016 at 1:59 pm
99% of those commenting have no idea what the heck is happening. The SEC routinely goes after everyone who trades stocks that make big jumps. The bookie, who is being charged criminally, is now throwing everyone under the bus in order to get out. You have to look at this logically. Why would a guy give a stock tip to someone who owes him money? Mickelson makes over $40 mil a year. Do you really believe that he needs to break the law in order to pay off a bet? You guys need to take your heads out of your arses and go to a Bernie rally. You have no mental capacity for anything greater.
The SEC is filled with a bunch of low life attorneys that can’t get jobs with decent law firms. They hate people that make more money than they do… which is most people.
larrybud
May 19, 2016 at 2:01 pm
lol. A Bernie rally. Do you learn how to bankrupt a small college at those things?
Mike Honcho
May 19, 2016 at 2:19 pm
Sure he wants to break the law in order to payoff a bet. You think if he just goes down and withdraws $931K from his account that won’t raise some eyebrows with the bank or some federal banking agent, maybe even his accountant who he doesn’t want to know about his ‘off the books’ debt.
You give a stock tip to someone who owes you money because that’s an easy way for the bookie to get paid and Phil not have to be ‘exposed’ to what is mentioned above. You’re right you have to look at it logically,but you’re making the assumption that just because someone has huge bank they operate logically.
He screwed up, he’s caught and he’ll be doing 6-10 months in a Martha Stewart suite.
knall
May 20, 2016 at 6:13 am
So if he takes the tip and makes the money he doesnt have to transfer it to his bank and then withdraw it which would raise the same eyebrows? Didnt know stock brokers give out cash in those amounts.
Jeff Kinney
May 23, 2016 at 7:21 pm
You’re right on the mark. Ask Dennis Hastert about pulling large sums of money out to pay someone off.
steve
May 19, 2016 at 2:21 pm
you dont understand the mind of the gambler. your always chasing yout losses. Lose a million bet and try to get it back.
Minnesota Fats
May 19, 2016 at 10:03 pm
Pretty sure you have that backwards. The bookie couldn’t pay Phil, not the other way around.
Minnesota Fats
May 19, 2016 at 10:15 pm
Then again my reading comprehension could probably use some help, I totally read it wrong lol.
birdy
May 19, 2016 at 1:34 pm
someone tells you to trade a stock and you do and you make money…..turns our the advice was accurate but only because your advisor had special info….how again is this Phil’s fault? oh, its not. IRS wants the money back, but there is NO criminal charges.
Forsbrand
May 19, 2016 at 1:43 pm
Th information was not freely available to all public that s the big issue here.
If Phil was in the UK the would be looking at a prison sentence as well as a fine
Nick Barone
May 19, 2016 at 1:54 pm
This is America where we welcome fraud and power abuse
Mac Attack
May 19, 2016 at 2:00 pm
You are completely wrong.
Forsbrand
May 20, 2016 at 3:36 am
Dealt in a stock in a size larger than normal “parcel size” of other holdings / purchases
Wonder why he had so much faith in Dean Foods, what did Phil know? NOTHING?
So my friend I think you are wrong
Marty Moose
May 19, 2016 at 1:53 pm
Where is the word “advisor” in this article? Was the bookie also his financial advisor?
Scott
May 20, 2016 at 8:40 am
My bookie is a terrible financial advisor. He told me Apple was a flash in the pan…
JJ
May 19, 2016 at 1:19 pm
Why are coming down so hard on Phil. What about all the banks that got off for the housing market crash and the government official who let it happen. How are those execs allowed to keep their job and then get bonuses a few years later. It is ridiculous that people’s focus is so short sided. Go after the real white collar criminals, but that will never happen because people are stupid and can not come together!
birdy
May 19, 2016 at 1:35 pm
i’d happily unite behind sending HC to jail
John Krug
May 19, 2016 at 2:14 pm
Grow up.
steve
May 19, 2016 at 12:28 pm
His gambling is out of control
Phil Mickelson
May 20, 2016 at 7:11 pm
How much you wanna bet it ain’t
cgasucks
May 19, 2016 at 11:24 am
Mickelson is better off just to pay off his gambling debts out of pocket instead of illegal gotten gains from the stock market. Him breaking the law won’t look good on him.
cgasucks
May 19, 2016 at 11:25 am
Robbing Peter to pay Paul…
birdy
May 19, 2016 at 1:36 pm
did you even read the article….phil did nothing illegal.
Brian
May 19, 2016 at 2:00 pm
Yes, Phil did do something illegal. This is the same thing that landed Martha Stewart in Jail, birdy.
Mac Attack
May 19, 2016 at 2:02 pm
Martha Stewart went to jail for LYING to federal investigators NOT insider trading. You probably play oversize cavity backs and can’t hit anything over a 7 iron, Miss.
Brian
May 19, 2016 at 2:05 pm
If MP-57s are oversize cavity backs, then yes, I’m guilty.
Slimeone
May 19, 2016 at 4:49 pm
Actually they are. They’re not HUGE but they’re definitely not blades. So by WRX standards that makes them shovels.
cgasucks
May 19, 2016 at 4:09 pm
Have you ever seen the movie “Wall Street” birdy?
Rwj
May 19, 2016 at 6:15 pm
He did something illegal, they are saying not criminal. Did you read the article Mr smarty pants? If it wasn’t illegal he wouldn’t be paying back. It isn’t considered criminal, at least not for him
Forsbrand
May 22, 2016 at 12:28 pm
Check out Criminal Justice Act 1993 -Insider Dealing
Tom
May 19, 2016 at 11:22 am
Ill gotten goods, gone bad through gambling deeds
Ben Alberstadt
May 19, 2016 at 11:19 am
NUANCE: According to ESPN’s Darren Rovell, “The SEC is seeking to recoup alleged Ill-gotten gains from Mickelson, who was not criminally charged.”
Marty Moose
May 19, 2016 at 10:58 am
Phil is a dirty guy. Those who think otherwise play right into his hands. He tries to play up the folksy, family man “gosh gee golly” persona but he is really liar, thief and adulterer. Get this loser out of the game of golf.
Tom
May 19, 2016 at 11:24 am
Please expand on your opinion.
cgasucks
May 19, 2016 at 11:29 am
Although there are numerous stories of him acting fake to other people from fellow PGA pros to possibly being an adulterer (rumors of him having an illegitimate child with a stripper), but thief? I don’t know about that.
Marty Moose
May 19, 2016 at 11:35 am
Insider trading would count as theft. No? This is not first time being accused of this.
Undershooter30
May 19, 2016 at 1:32 pm
Actually this is the first of him being accused of insider trading. This is the same story as before. Just following up on it. It takes a while to build a case.
birdy
May 19, 2016 at 1:38 pm
phil isn’t being accused of insider trading. thats illegal. his advisor is being accused. SEC and IRS just want phil’s profits that supposedly resulted from anothers insider info. big difference.
birdy
May 19, 2016 at 1:37 pm
IRS commits theft every april
TCJ
May 19, 2016 at 11:55 am
So he is also sleeping around… nice! He’s got moves both on and off the course. Kudos Lefty, you’re still my hero!
TCJ
May 19, 2016 at 11:58 am
Game… he’s got game both on and off the course… dammit!
birdy
May 19, 2016 at 1:32 pm
um….phil did nothing criminal….unlike the lady you’ll vote for
Brian
May 19, 2016 at 2:04 pm
Maybe try reading up on insider trading:
http://www.investopedia.com/articles/03/100803.asp
cody
May 19, 2016 at 2:10 pm
comments like these need a shred of evidence before you publicly defame someone. i am not saying that you are wrong, but as far as i know there is no proof to any of your statement.