Golf Phil Mickelson investigated for insider trading - Tucson News Now

Golf Phil Mickelson investigated for insider trading

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Professional golfer Phil Mickelson investigated in insider trading case and says he didn’t do anything wrong. (PhilMickelson.com/MGN Online) Professional golfer Phil Mickelson investigated in insider trading case and says he didn’t do anything wrong. (PhilMickelson.com/MGN Online)
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(CNN) – World-renowned golfer Phil Mickelson is being investigated by the FBI and the Securities and Exchange Commission as part of a probe into insider training fraud, according to law enforcement sources.

Over the weekend, he denied any involvement after teeing off at a tournament in Dublin, OH.

"I have done absolutely nothing wrong, and that's why I've been fully cooperating with the FBI agents," Mickelson said.

The probe centers around stock trades made by billionaire investor Carl Icahn three years ago. The FBI is examining whether Mickelson, along with well-known sports gambler Billy Walters, profited from information not available to the public.

"Be looking at a pattern of trading in particular stocks and they are going to be looking to connect the relationship between Mickelson, between Walters and between Icahn," CNN legal analyst Pall Callan said.

Law enforcement sources tell CNN that back in 2011, Icahn invested in shares of Clorox and then proposed a $12.6 billion takeover bid of the company, causing a spike in Clorox's share prices.

Now authorities want to know if Mickelson and Walters were possibly tipped off by Icahn, allowing all of them to cash in on the share increase.

"With respect to Icahn, you have to prove that he leaked the information and prove that it was privileged or confidential information and that he know it was at the time he leaked it," Callan said.

CNN could not reach representatives of Icahn or Walters for comment.

Icahn did tell the Wall Street Journal that the suggestion that he was involved in improper trading, was "inflammatory and speculative," also telling the paper, "We are always careful to observe all legal requirements in all of our activities."

Walters told the Wall Street Journal, "I don't have any comment about anything."

There have been no allegations of wrong doing and not charges have been filed against anyone in this case.

"It's not going to change the way I carry myself," Mickelson said. "Honestly, I've done nothing wrong; I'm not going to walk around any other way."

Copyright 2014 Golf Channel, Celebritynetworth.com, Getty Images via CNN. All rights reserved.

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