Mickelson Didn’t Trade Stock At Center Of Icahn Insider-Trading Probe

Jun 12 2014 | 10:54am ET

Golfer Phil Mickelson did not trade shares of Clorox Co. in advance of Carl Icahn’s 2011 bid for the company, another hole in an already shaky insider-trading probe.

Federal prosecutors and the Securities and Exchange Commission are looking into whether Mickelson and gambler William Walters traded on tips from Icahn about his planned activities; Icahn and Walters are golfing buddies, as are Walters and Mickelson. Authorities were already facing a difficult time building a case before news of the two-year-old investigation broke two weeks ago, preventing the Federal Bureau of Investigation from moving forward with plans to employ wiretaps.

Now, The New York Times reports, it has emerged that Mickelson did not even trade Clorox shares, among those at the center of the probe. He still faces an investigation into well-timed trades made in Dean Foods shares, as does Walters.

Icahn, Mickelson and Walters have all denied wrongdoing. “I don’t give out inside information,” Icahn said, pointing to “an unblemished record” over 50 years. 


In Depth

'Smart Beta' Funds In Regulators' Sights, Hedgies May Be Next

Mar 26 2015 | 11:11am ET

Funds that mimic strategies used by active managers for a fraction of the cost could...

Lifestyle

Study: Both Marriage and Divorce Lead to Negative Hedge Fund Performance

Mar 25 2015 | 6:51pm ET

Trouble at home leads to trouble in the market for fund managers, according to researchers...

Guest Contributor

The Life Settlement: Yield For The Investor And Cash For The Consumer

Mar 31 2015 | 6:48am ET

Investors are languishing in a yield-starved, low-interest rate environment, looking...

 

Sponsored Content

    Mar 9 2015 | 6:35am ET

    Kelly RodriquesKelly RodriquesAs more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…

Editor's Note