Golfer Phil Mickelson To Repay $1 Million In Gains From Insider Trading- Is It Tax Deductible? https://t.co/ug9TphB8gP
— Andrew Bermudez (@andrewbermudez) June 3, 2016
The Golf Blog says: Phil Mickelson has a reputation for being a gambler, both on and off the golf course. His gambling has finally caught up with him. As reported on May 24, the SEC charged Mickelson civilly as a “relief defendant,” a person who profited without knowledge of the origin of an illegal insider tip. According to the SEC, Mickelson owed professional gambler Billy Walters nearly $1 million. Walters, after allegedly received insider information from former Dean Food CEO Thomas Davis, told Mickelson to buy Dean Foods stock. Mickelson did and later sold it for a $931,000 profit. Both Walters and Davis have been criminally charged. [More.]
This is not the first time Phil Mickelson’s gambling has resulted in questionable dealings. According to ESPN, Mickelson was an “unnamed gambling client” of Gregory Silveira of La Quinta, who was convicted of money laundering from illegal sports betting, including allegedly $3 million from Mickelson.
PGA Tour spokesman Ty Votaw had no comment on any disciplinary action against Mickelson at the time of the SEC action.Tweet