Phil Mickelson’s finances have become a subject once again as he was named, but not criminally charged, in a complaint filed by the SEC
Phil Mickelson pulled driver when he should have hit 4-iron, and his name is being dragged through the news for it. The Securities and Exchange Commission has filed an insider trading complaint in which it names Mickelson as a relief defendant but does not charge him with a crime.
A “relief defendant” is one who benefits from illegally obtained information “but is not directly accused of wrongdoing,” according to MarketWatch.
The gist of Mickelson’s involvement is that he made nearly $1 million in profit on an insider trading tip provided to him by gambler William “Billy” Walters — with whom he placed wagers with previously — according to the complaint.
“The SEC has now completed its investigation into that investment and has concluded that Phil Mickelson did not engage in any wrongdoing,” said Mickelson’s attorney, Gregory Craig, in a statement to Golf Channel. “The SEC has filed a civil complaint against certain individuals, including an acquaintance of Phil’s, but that complaint does not assert that Phil Mickelson violated the securities law in any way. On that point, Phil feels vindicated.
“At the same time, however, Phil has no desire to benefit from any transaction that the SEC sees as questionable. Accordingly, he has entered into an agreement with the SEC under which he will return all the money he made on that 2012 investment.”
The SEC confirmed the agreement on Thursday and noted that Mickelson will pay back over $1M which includes what he earned as well as interest.
source : http://www.cbssports.com/golf/news/phil-mickelson-to-pay-back-over-1m-after-naming-in-sec-insider-trading-complaint/