Golfer Phil Mickelson will pay the Securities and Exchange Commission the $931,000 profit he made on an insider stock tip.
Involved in the insider trading case with Mickelson are Las Vegas investor and gambler Billy Walters and Thomas Davis, the former chairman of Dean Foods.
A federal SEC complaint says Mickelson and Walters were friends, and the golfer owed the gambler for bets. Mickelson bought 2.4 million dollars worth of stock in a Dean Foods spinoff, and the 931,000 he made when he sold the stock was used to pay off gambling debts. Mickelson earns millions from endorsements.
