Click here for weather warnings

Pro golfer Phil Mickelson to pay back $1 million earned from insider trading

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

NEW YORK (AP) — Professional golfer Phil Mickelson has agreed to forfeit nearly $1 million dollars that the Securities And Exchange Commission says he earned in an illegal insider trading scheme.

The SEC says a gambler named William Walters received tips and business information about Dean Foods Co. from former Dean Foods director Thomas Davis between 2008 and 2012.

In 2012, the SEC says Walters called Mickelson, who owed him money, and urged him to trade Dean Foods stock. The SEC says Mickelson did so the next day and made a profit of $931,000.

Mickelson’s management group issued a statement Thursday saying that he had reached an agreement with the SEC to return all of his profit.

The statement says Mickelson “has no desire to benefit from any transaction that the SEC sees as questionable.”