Phil Mickelson owed gambler almost $2 million in 2012
- Author: Julie Sanders Apr 01, 2017,
Apr 01, 2017, 6:55
Thursday's trial developments revealed that an independent business management firm, should it be called upon to testify in this case, would identify the golfer as a client and indicate that "records show in July 2012 Mickelson owed a debt to William T. Walters, the defendant, related to sports gambling".
The Waters trial was underway in Manhattan federal court this week, and court documents revealed that Mickelson gave Walters $1.95 million in the summer of 2012 to pay off gambling debts, according to the New York Post. Mickelson was initially targeted in the investigation, but avoided indictment after agreeing to pay back about $1 million in the "ill-gotten gains" from the stock trades. A few months later he paid off a $1.95 million debut to Walters.
Walters is charged with illegally trading stocks based on tips he got from a friend at Dean Foods.
Walters, who has maintained his innocence, is charged with multiple counts of wire and securities fraud stemming from an investigation into a series of stock trades on dairy company Dean Foods made in 2012. Walters is accused of using insider trading deals to amass a fortune of $43 million in a six-year period.
A year ago, Phil Mickelson was the highest paid golfer in the world, according to Forbes, taking in $52.9 million. The prosecutors told the jurors in the Manhattan courtroom that this wasn't the first time Mickelson owed gambling debts to Walters. Walters' lawyers included him on a defense witness list, but then told the judge last week Mickelson's counsel said he would invoke his Fifth Amendment right against self-incrimination if called. He made almost $1 million in trading using information that was not available to the public at the time, according to what the court documents said.