Golfer Phil Mickelson reaches agreement in insider trading case

May 19, 2016 2:00 PM

NEW YORK (AP) - Professional golfer Phil Mickelson has agreed to forfeit nearly $1 million dollars that the Securities And Exchange Commission says he earned in an illegal insider trading scheme.

The SEC says a gambler named William Walters received tips and business information about Dean Foods Co. from former Dean Foods director Thomas Davis between 2008 and 2012.

Authorities say one of those tips was passed along to Mickelson, who made a big, successful stock trade with the information.

Mickelson's management group issued a statement Thursday saying that he had reached an agreement with the SEC to return all of his profit.

The statement says Mickelson "has no desire to benefit from any transaction that the SEC sees as questionable."


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