Mickelson not charged by SEC for insider tip

10:43 AM ET

The Securities and Exchange Commission on Thursday alleged golfer Phil Mickelson made $931,000 after purchasing stock on an insider trading tip from noted sports gambler Billy Walters and then used some of the money to pay back Walters, to whom he allegedly owed money.

As part of the alleged Ill-gotten gains, the SEC is seeking to recoup that money from Mickelson, who was not criminally charged.

The SEC, in its case, said Mickelson spoke with Walters, with whom he had placed bets, in 2012 about an upcoming spinoff of dairy company Dean Foods. Based on a tip Walters had received, the SEC alleged Walters told Mickelson to buy the stock. Months after buying 240,000 shares, according to a companion criminal case, Mickelson then repaid Walters using the Dean Foods money, the SEC alleged.

Walters was charged with insider trading and was arrested late Wednesday in Las Vegas. He will appear in court Thursday.

Phil Mickelson was not criminally charged for allegedly profiting off an insider stock tip to repay a debt owed to noted sports gambler Billy Walters. Harry How/Getty Images

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