Phil Mickelson avoided being charged for insider trading for acting on a stock tip in 2012, but the case has revealed another interesting note about his gambling habit.
Mickelson has long had a reputation for being a huge gambler, which is sort of how he ended up in the situation. It was revealed in court on Thursday that Lefty owed gambling pro Billy Walters nearly $2 million for a gambling debt.
Walters received a stock tip, passed it along to Mickelson, who used it to make nearly a million dollars. A few months later he paid off a $1.95 million debt to Walters.
Mickelson was investigated but not charged by the SEC for his trade. He did pay back the money he made in his transactions, plus interest. A prosecutor in the case said Mickelson owed similar debts to Walters in the past.
Mickelson has also been linked to money laundering for a sports gambling ring.
