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Golfer Mickelson Named In Trading Scam Case

Professional golfer Phil Mickelson has been named in an insider trading case by the US Securities and Exchange Commission.

The US stocks regulator says Mickelson made $931,000 (£638,000) from a trade tip relating to a Dallas-based dairy company, Dean Foods.

The SEC says a professional Las Vegas gambler, William Walters, received information about the firm from its chairman between 2008-12.

The regulator says Walters called Mickelson in 2012 to tip him about a Dean Foods corporate spin-off.

Mickelson, who has won three Masters golf titles, owed money to the gambler at the time after placing bets with him, said the SEC.

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Walters and Dean Foods' ex-chairman, Thomas Davis, were criminally charged in a case brought by federal prosecutors.

Mickelson is not criminally charged, but is named as a relief defendant, which means he is not accused of wrongdoing, but allegedly profited from others' illegal acts.

The SEC has filed a civil lawsuit demanding Mickelson pay back all the money he made from the investment, which the golfer's lawyer said he had agreed to do.

US Attorney Preet Bharara told a news conference in New York: "Brazen insider trading continues to be blot on our securities markets.

"So integrity of markets continues to be a priority for my office."

Mickelson's attorney, Gregory Craig, said the golfer feels "vindicated" that the SEC found he did not engage in any wrongdoing.

The golfer also said he appreciates that the companies he represents have decided to continue their sponsorship deals with him.

Walters, 69, was detained in Las Vegas on Tuesday and is facing securities fraud and other charges.

Davis, who left the board of Dean Foods in August, pleaded guilty on Monday.

He had allegedly received two loans of nearly $1m from Walters, which largely went unpaid.

Walters' lawyer, Barry Berke, said the case was one of "erroneous assumptions, speculative theories and false finger-pointing".

It (Other OTC: ITGL - news) is not the first time Mickelson's name has cropped up in a fraud case.

Last year he was linked to an illegal sports betting operation after he transferred $2.75m to a former bet handicapper , ESPN reported.