{"id":5986,"date":"2016-05-28T00:00:00","date_gmt":"2016-05-28T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2016\/05\/exdean_foods_board_member_pro_1"},"modified":"2016-05-28T00:00:00","modified_gmt":"2016-05-28T05:00:00","slug":"exdean-foods-board-member-pro-1","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/exdean-foods-board-member-pro-1\/","title":{"rendered":"Ex-Dean Foods Board Member, Pro Golfer Phil Mickelson, and Professional Sports Gambler Are Named in Insider Trading Case"},"content":{"rendered":"

The Securities and Exchange Commission has filed civil charges against professional sports gambler William Walters. He is accused of making $40M from an illegal stock tip given to him by former Dean Foods Company board member Thomas C. Davis. The regulator said that Davis, who owed Walters money, gave him insider information about the company prior to market-moving events.<\/p>\n

Professional golfer Phil Mickelson, who is a relief defendant in the case, allegedly traded in Dean Foods securities based on Walter\u2019s recommendation. Mickelson then purportedly took the nearly $1M he made from the trading to help repay the gambling debt he owed to Walters. As a relief defendant, Mickelson is not being charged with insider trading or accused of wrongdoing. He will, however, have to pay back the money he made from trading in Dean Foods securities.<\/p>\n

As to why Mickelson won\u2019t be prosecuted, The New York Times <\/em>reports in the article \u201cHow to Get Away with Insider Trading,\u201d this is because of U.S. insider trading laws, which bars trading on nonpublic information only if the information has been used or obtained wrongly. This allows parties involved later on in the \u201cchain of information\u201d to benefit from such rules.<\/p>\n

Walters and Davis, however, are charged in this case. The SEC\u2019s complaint said that the illegal trading took place over five years. <\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Securities and Exchange Commission has filed civil charges against professional sports gambler William Walters. He is accused of making $40M from an illegal stock tip given to him by former Dean Foods Company board member Thomas C. Davis. The regulator said that Davis, who owed Walters money, gave him insider information about the company […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3811,3760,3795,3761],"tags":[],"class_list":["post-5986","post","type-post","status-publish","format-standard","hentry","category-insider-trading","category-sec-enforcement","category-sec-settlements","category-securities-and-exchange-commis"],"yoast_head":"\nEx-Dean Foods Board Member, Pro Golfer Phil Mickelson, and Professional Sports Gambler Are Named in Insider Trading Case — Investor Lawyers Blog — May 28, 2016<\/title>\n<meta name=\"description\" content=\"The Securities and Exchange Commission has filed civil charges against professional sports gambler William Walters. 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