Phil Mickelson is competing in this weekend’s U.S. Open, but Lefty got great news while on the links Thursday as he was cleared in one investigation concerning alleged insider-trading. Mickelson isn't expected to comment on the matter further until the investigation is concluded.
Mickelson was accused of insider-trading involving investor Carl Icahn and Las Vegas gambler Billy Walters, but after further investigation he was cleared in the Clorox stock investigation. The Wall Street Journal broke the original story and detailed the allegations against Mickelson and his associates.
"The traders — a cross-section of investors including the championship golfer Phil Mickelson and the high-rolling gambler and golf course owner William T. Walters — collectively reaped several million dollars betting on the consumer products company Clorox and one other stock."
The trades, options contracts to buy Clorox stock, came just days before the billionaire investor Carl C. Icahn announced an unsolicited takeover bid for the company that drove up the stock price."
According to the New York Times, Mickelson is still under investigation for alleged insider-trading with his Dean Foods stock that earned him $1 million. The New York Times reported that authorities are pursuing the idea that a source tipped off Walters and Mickelson about the stock which prompted them to trade. The two traded in their stock and the next day the Dean Foods went up 41 percent. Icahn is not involved in the Dean Foods investigation.
Mickelson can breathe a little easier knowing that one of his alleged offenses has been thrown out and he can focus a little more on the U.S. Open.
[ESPN]
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