Golfer Phil Mickelson has denied accusations of insider trading linked to an offshore oil company Sable Offshore Corp. (NYSE: SOC).
On Friday, Hunterbrook Media published a report alleging that the company leaked key information to investors. Mickelson is accused of informing investors about an impending announcement that could affect Sable’s stock price.
The leaked call revealed that Sable CEO Jim Flores told select investors that the company may need to raise up to $200 million by the end of 2025, information that is not publicly disclosed.
The report alleges that Mickelson disclosed non-public information after a conversation with Sable Offshore’s CEO. Jim Flores.
In a post on X on Saturday, Mickelson rejected the allegations and accused the post of “stock manipulation.”
Then a company says I can’t tell you anything but we will announce something at closing. I don’t know if it’s dilution and the shares go down or an agreement to make the shares go up. I have to wait to see what the information is, I don’t do any trading and I’m ultra, ultra careful…
“So a company says I can’t tell you anything, but we’ll announce something at the close. I don’t know if it’s dilution and the stock goes down or a deal to make the stock go up. I have to wait to see what the information is, I don’t trade of any kind and I’m ultra, ultra careful given past history. I don’t even share that information that comes in until after the close. And you’re implying that you’ve done wrong? This seems like stock manipulation on your part and slander. Did you do that?” Do you do any trading today? he wrote in the post.
If these allegations are confirmed, Mickelson, who is a LIV Golf player, could face serious legal consequences.
Why is it important: This is not Mickelson’s first brush with insider trading allegations. In 2016, he paid more than $1 million to the SEC to settle an insider trading case involving player Billy Walters.
Although Mickelson was not formally charged, he was identified as a “relief defendant” in the case.
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This article Golf Icon Phil Mickelson Rebuts Claims of Involvement in Insider Trading, Says ‘I Don’t Trade Any’ originally appeared on Benzinga.com
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