Pro golfer Phil Mickelson earned close to $1 million on an illegal insider tip that he used to pay off massive gambling debts, federal authorities say.
Mickelson, 45, was named as a relief defendant in a civil lawsuit brought by the Securities and Exchange Commission. That means he is being targeted to repay his ill-gotten gains without being criminally charged with wrongdoing.
Mickelson has agreed to settle the case and repay more than $1 million, SEC enforcement director Andrew Ceresney said Thursday.
Phil has not been charged with insider trading, Gregory B. Craig and Pat Swan, attorneys for Mickelson, said in a statement. Phil was an innocent bystander to alleged wrongdoing by others that he was unaware of. Phil is innoce…
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