The Securities and Exchange Commission has made its decision on PGA Tour golfer Phil Mickelson and his involvement in alleged insider trading.
The SEC alleged Mickelson made $931,000 off a tip in July 2012 from sports gambler Billy Walters, who he then payed back with some of his earnings. But Mickelson wasn’t charged with insider trading. Instead, he was named a “relief defendant” and will pay back his “ill-gotten gains,” roughly $1.3 million, with interest.
A spokesman for the five-time major champion issued a statement on Thursday’s news to ESPN.
“Phil understands and deeply respects the high professional and ethical standards that the companies he represents expect of their employees, associates and of Phil himself,” the statement, via an unnamed spokesman, said. “He subscribes to the same values and regrets any appearance that, on this occasion, he fell short. He takes full responsibility for the decisions and associations that led him to becoming part of this investigation. … He is pleased that this matter is over, and he will have no further comment.”
Mickelson dodged a potential steeper penalty, but his decision in July 2012 still will cost him.
Thumbnail photo via Jim Dedmon/USA TODAY Sports Images
