After The Wall Street Journal reported on May 30 that the SEC was looking into Phil Mickelson’s role in potential insider trading, news came down today they have quietly dropped one of their investigations.
There had been some questionable trading of Clorox stock, but the government determined there was no fault on Mickelson’s part. The golfer had this to say after his first round of the U.S. Open today:
“I’ll continue to say, I haven't done anything wrong. I’m willing to help out, love to help out any way on the investigation. So like I said before, with an investigation going on, I’m not going to comment any further on it. But I’ll continue to say that I’ve done absolutely nothing wrong.”
While Mickelson remains under investigation for another suspicious trade involving Dean Foods, given the government’s low success rate with these types of investigations it seems unlikely he’ll be charged.
One person who has no love lost for the SEC is Dallas Mavericks’ owner Mark Cuban, who fought the government agency in court over a similar inside trading charge. He sent out the following tweet after news about Mickelson broke today:
So the media got It wrong on Phil Mickelson. I'm shocked. Will ESPN rerun all those crawls with corrections?— Mark Cuban (@mcuban) June 12, 2014
We’ll be sure to provide updates they come out regarding the second investigation into Mickelson’s activities.