Phil Mickelson named in federal insider trading inquiry
Phil Mickelson's name has surfaced in a federal investigation into insider trading, along with those of investor Carl Icahn and noted gambler Billy Walters. None of the three men is accused of any wrongdoing. But federal investigators are examining trades involving the men's connection to two separate companies, Clorox and Dean Foods. Specifically, the investigation is seeking to determine whether Mickelson and Walters traded based on insider information. In February 2011, Icahn acquired 9.1 percent of Clorox. In July of that year, he made a takeover offer that sent the share price rocketing upward. Federal investigators noted an unusual increase in trading activity on Clorox stock shortly before Icahn announced his offer. One theory the government is investigating, according to the Wall Street Journal , is that Icahn gave information about the upcoming bid to Walters, who then gave information to Mickelson. There is no evidence that Icahn and Mickelson know each other. ...