Federal authorities have dialed back the scope of an investigation into Phil Mickelson over possible insider trading, The New York Times reported on Wednesday.
The Times reported late last month that Mickelson, Las Vegas sports gambler William “Billy” Walters and billionaire investor Carl Icahn were the focus of a two-year investigation, but according to Wednesday’s report Ichan and Walters remain under investigation while authorities have found no evidence that Mickelson was involved in the trading of Clorox shares.
Mickelson, as well as Walters, remain under investigation over “well-timed trades” they made in Deans Foods in 2012. Those trades generated more than $1 million in proceeds for Mickelson, who has denied any wrongdoing and said two weeks ago he was cooperating with authorities.
“I’ll continue to say I haven’t done anything wrong,” said Mickelson after an opening-round 70 at the U.S. Open on Thursday. “I do have a lot to say and I will say it at the right time.”
According to the report, the initial information provided to The Times “overstated” the scope of the investigation and that an FBI agent has informed Mickelson, who teed off early Thursday at the U.S. Open, that the government is seeking information on Walters and has no plans to criminally charge the five-time major champion.
The Times story cites numerous sources that said the government is still pursuing a theory that Walters received information that Dean Foods planned to spin off its WhiteWave Foods subsidiary.
Shares of Dean Foods jumped 41 percent in August 2012, the day after the company announced its plans for WhiteWave Foods, but it remains unclear what prompted Mickelson and Walters to make their trades.