Dean Foods subpoenaed in Phil insider-trading case


Company officials at Dean Foods have received a subpoena in relation to a possible insider-trading investigation that includes world No. 13 Phil Mickelson, the Wall Street Journal and New York Times reported on Monday.

According to the reports, investigators from the Federal Bureau of Investigation and the Securities and Exchange Commission are investigating whether Las Vegas sports bettor William “Billy” Walters provided stock tips to Mickelson prior to a move by Dean Foods to spinoff its WhiteWave Food division.

Neither Mickelson nor Walters have been charged and both have denied any wrongdoing.

According to a New York Times report earlier this month, Mickelson and Walters are under investigation over “well-timed trades” they made in Dean Foods in 2012. Those trades generated nearly $1 million in proceeds for Mickelson.

“I’ll continue to say I haven’t done anything wrong,” said Mickelson after Round 1 at the U.S. Open on June 12. “I do have a lot to say and I will say it at the right time.”

Authorities subpoenaed Dean Foods shortly after initial reports of the investigation in May and have requested various documents from the food and beverage company.

In a statement officials from Dean Foods said, “We are reviewing this matter, and our practice is to offer our full support to any government investigation.”