Home‎ > ‎

Phil Mickelson Has Serious Bookie Problems

2:18 PM, May 19, 2016
Article by Austin James

Screw Jim Cramer and Squawk Box, Phil Mickelson takes financial advice from his bookie.

It's no secret the Phil likes to try his luck in the gambling world. In fact, he has been decently successful, most notably with a $560,000 profit off a 28-1 bet that the Ravens would win the 2001 Super Bowl. But, apparently Mickelson's gambling career has crumbled faster than his golfing career, and he has recently found himself in a sizable, $931,000, hole to reputed gambler/bookie Billy Walters.

Apparently a few months ago Walters was becoming a little impatient with Phil and wanted his money. Instead of paying out-of-pocket, Mickelson appears to have made one of the most ludicrous bargains of all time. Mickelson planned to pay Walters back using the profits he made from investing in a diary company using inside information form Walters. Walters was well connected at this corporation and gave Mickelson some solid advice, netting Phil a $1.03 million profit form which he was able to repay Walters. The SEC has got wind of the exchange and dug up enough evidence to bring a case against Phil, but has settled for him to simply forfeit the $1.03 million he made from insider information.

Its not very often the SEC can actually close one of these cases, and it couldn't be funnier that Phil was the 1 out the 100 who actually gets pinned. This is a lesson for all you kids out there, don't take financial advice from your bookie.