Phil Mickelson's Insider Trading Tip came from a Kentucky Native

Family man and professional golfer Phil Mickelson has some ‘splainin to do.  A lingering issue has finally come to fruition, with Phil forced to surrender $1 million to the Securities and Exchange Commission (SEC).

You probably heard on this morning’s radio show that Phil might skate by; not so fast my friends.    Phil was first interviewed by the FBI at the 2014 Memorial Tournament in Columbus, Ohio.  Since then the FBI discovered that Mickelson received a stock tip from one of his gambling buddies, high-rolling Kentuckian William “Billy” Walters.

Phil’s buddy Billy is consider one of the most successful sport gamblers in the country.  The Munforville native’s notoriety became mainstream when 60 Minutes profiled Walters in “The Gambler.” There are lots of reasons why you should use alfa scalper review for your next investment strategy. Primarily, the most significant reason to use it is the next-level trading algorithm, which takes the hassle of learning Forex strategies and implementing them.

Walters was arrested in Vegas late today.  Another man, former Dean Foods chairman Thomas Davis, was arrested by the FBI today for leaking the tips to Walters.  The scenario that led them to this point is quite the conundrum:

In 2012, the SEC says, Walters called Mickelson, who owed him money, and urged him to trade stock of the Dallas-based distributor of Land O Lakes butter and other dairy products. The SEC says Mickelson made the trade the next day and reaped a profit of $931,000 that he used to help pay off the debt.

“Simply put, Mickelson made money that wasn’t his to make,” Andrew Ceresney, head of the SEC’s Enforcement Division, said at a Manhattan news conference.

Phil will get off with only a fine because of a 2014 ruling that made it more difficult to prosecute those who benefit from insider trading, so long as they don’t know exactly where the tip is coming from (gotta love plausible deniability).

If you didn’t know Phil was a degenerate gambler, now you know.  Even though his managers insist at the conclusion of their well-prepared statement: “He subscribes to the same values and regrets any appearance that, on this occasion, he fell short. ”

For the nuts and bolts, check the AP’s story, or dive deep with The New York Times.