The SEC’s insider trading case against renowned sports bettor Billy Walters, and former Dean Foods director Thomas Davis, will feature deposition testimony by pro golfer Phil Mickelson one way or the other. as both the SEC and Walters have listed Mickelson as a witness for deposition in the discovery phase of the matter.
Details of the Case
The case involves allegations by the SEC that Walters used insider knowledge from Davis to benefit from the purchase of shares in Dean Foods, and urged Mickelson to place trades that would net large profits so that Mickelson could satisfy gambling debts owed to Walters.
Mickelson purportedly bought over $2 million in shares of Dean Foods and made over $900,000 in profits on a subsequent trade of the stock, paying Walters back in part with the proceeds on the trade. Mickelson was not named as a party-defendant and settled any claim by the SEC for relief arising from the trade by making payment of all profits from the trade.
Whether Mickelson ultimately ever testifies at any trial won’t be known for quite some time — discovery is not scheduled to close until August of 2017.
The case against Walters and Davis is pending in the Southern District of New York, No. 16-cv-3722.