Tags: phil mickelson | insider trading | trial | billy walters

Phil Mickelson Might Testify in Insider Trading Trial of Billy Walters

Image: Phil Mickelson Might Testify in Insider Trading Trial of Billy Walters

British Open golf champion Phil Mickelson holds the Claret Jug on the floor of the New York Stock exchange on July 26, 2013, in New York City. (John Moore/Getty Images)

By    |   Thursday, 16 Mar 2017 01:45 PM

Phil Mickelson could be the missing piece to the puzzle in an insider trading trial seeking to find out whether a Las Vegas gambler won over $40 million illegally from a tip he received from an insider.

Mickelson’s name came up during opening statements at the trial on Wednesday, and while a prosecutor and defense attorney didn't say whether the golfer will be called to testify, they agreed that he is pivotal to the case, according to The Associated Press.

Assistant U.S. Attorney Michael Ferrara told jurors that the gambler in question, William “Billy” Walters, told friends, including the professional golfer, to purchase stock in Dean Foods Co., after he received inside information from a member of the company’s board.

Federal authorities said the tip Walter’s gave him is connected to the gambler's multimillion-dollar earnings, according to The New York Times.

Mickelson has not been charged in the case, but agreed to return $1 million in profits from the trade, the Times said.

Walters’ attorney, Barry Berke, said the accusation that his client gave a tip to the pro golfer not only has no basis, but makes no sense, according to the New York Daily News.

“If you’re Billy Walters and you think someone has given you illicit, inside information, the last thing you’d do is give it to Phil Mickelson, one of the most famous athletes in the world, who is going to attract scrutiny of regulators,” Berke said in his opening remarks on Wednesday.

Berke said Walters giving the golf champ insider information would be like a bank robber “walking up to a police officer and asking for directions” with a mask on, the New York Post noted.

According to the Daily News, Mickelson invested more than $2 million in Dean Foods in 2012. He made over $930,000 as a result. A portion of those earnings reportedly went to Walters to pay off a gambling debt.

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Phil Mickelson could be the missing piece to the puzzle in an insider trading trial seeking to find out whether a Las Vegas gambler won over $40 million illegally from a tip he received from an insider.
phil mickelson, insider trading, trial, billy walters
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2017-45-16
Thursday, 16 Mar 2017 01:45 PM
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