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Business

Charges of insider trading in Dean Foods

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Opening sequence

Business

Charges of insider trading in Dean Foods

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COMING UP:Charges of insider trading in Dean Foods

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00:00:00
>> Good afternoon my name is.>> US authorities charging the former chairman of a fortune 500 company, and a Las Vegas gambler in a sweeping insider trading case, which included a tip that benefitted pro golfer Phil Mickelson. The lawsuit brought by US attorney Pete Barbara claims Thomas Davis, an ex exec at Dean Foods, that insider information about his company defamed sports better Billy Walters, in a scheme that netted $10 millions of dollars in profit.
00:00:26
>> Dave has repeatedly and systematically fed material, not public information about Dean Foods to Walters, who in turn benefited handsomely, to the tune of about $43 million in profits made and in losses avoid. Walters placed enormous bets on the company's stock, but as described in the indictment, these bets were no gamble at all, they were a sure thing.
00:00:49
>> Walters, who had taken bets from the golfer in the past, allegedly urged Mickelson to trade in Dean Food's stock, earning him $931,000 in profits. Mickelson, a three time Master's champion, Does not face criminal charges in the case, but was named in the civil lawsuit brought by the Securities and Exchange commission.
00:01:07
Mickelson has agreed to return all the profits he made on those investments.