Golfer Phil Mickelson profited almost $1M in Dean Foods insider-trading case: SEC

Golfer Phil Mickelson profited almost $1M in Dean Foods insider-trading case: SEC
The three-time Masters champion hasn't been accused of wrongdoing, but is named in the complaint involving Dean Foods Co. and gambler William “Billy” Walters.
MAY 06, 2016
By  Bloomberg
Golfer Phil Mickelson profited from insider information about Dean Foods Co. that he received from gambler William “Billy” Walters, according to the U.S. Securities and Exchange Commission. Mr. Mickelson gained almost $1 million from the trading, according to the SEC case filed Thursday. The SEC termed him a “relief defendant.” That means Mr. Mickelson hasn't been accused of wrongdoing, but is named in the complaint for the purpose of recovering allegedly ill-gotten gains. The SEC complaint was released after U.S. prosecutors filed insider-trading charges against Mr. Walters and former Dean Foods Chairman Tom C. Davis. Mr. Mickelson wasn't named in the criminal case. Mr. Mickelson's lawyer and talent agency declined to comment. Mr. Mickelson owed Mr. Walters money and the Las Vegas gambler called him in July 2012, urging the three-time Masters champion to trade in Dean Foods stock, according to the SEC complaint. The following day, Mr. Mickelson traded in three brokerage accounts he controlled. About a week later, shares jumped 40 percent on announcements of strong quarterly earnings and that Dean Foods would spin off its WhiteWave subsidiary, earning Mr. Mickelson about $931,000. The investigation made headlines in 2014 with news that the government was probing Mr. Davis, Mr. Walters and Mr. Mickelson ahead of billionaire investor Carl Icahn's $10.2 billion offer in 2011 for Clorox Co. Neither Clorox nor Mr. Icahn were mentioned in the SEC or Justice Department documents Thursday. Mr. Icahn hasn't been accused of wrongdoing. Prosecutors referred in their complaint to someone else who owed a gambling debt to Mr. Walters. They spoke by phone and texted in July 2012 before the person bought 240,000 shares in Dean Foods, using three brokerage accounts. The person had never previously traded in the stock, prosecutors said. The timing and description of those trades broadly match the SEC material about Mr. Mickelson.

Latest News

Advisor headcount down at Bank of America, Osaic and UBS so far in 2025, Wolfe Research analyst says
Advisor headcount down at Bank of America, Osaic and UBS so far in 2025, Wolfe Research analyst says

Counting advisor moves in and out of firms requires some art as well as science.

Carson Group's M&A head sees '10-to-15 year bull market' for RIAs
Carson Group's M&A head sees '10-to-15 year bull market' for RIAs

“I'm just a big believer that based on demographics alone, we are looking at a 10-to-15 year bull market in M&A in the RIA and independent wealth space,” said Michael Belluomini, SVP of M&A at Carson Group.

Nationwide finds Medicare myth on long-term care could cost Americans dearly
Nationwide finds Medicare myth on long-term care could cost Americans dearly

As a tsunami of retirees comes crashing in, three-fifths of those surveyed believe – wrongly – that the federal safety net will cover their LTC needs.

Fintech bytes: Orion, Altruist unveil new RIA-focused integrations
Fintech bytes: Orion, Altruist unveil new RIA-focused integrations

Orion's latest update, a partnership with 11th.com, focuses on an underserved area of compliance for advisors and wealth firms.

Raymond James reels in advisors managing $1B+ in Colorado
Raymond James reels in advisors managing $1B+ in Colorado

The latest arrivals, including a 10-advisor ensemble from Ameriprise, bolster the firm's independent contractor and employee advisor channels.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave