FBI, SEC Investigating Carl Icahn, Phil Mickelson for Insider Trading (Report)

5:52 PM PST 05/30/2014 by THR staff
Billy Farrell/PatrickMcMullan.com/Sipa Press
Carl Icahn

The billionaire and golfer are the subject of a probe also looking at Las Vegas bettor Billy Walters.

The FBI and SEC are investigating billionaire Carl Icahn, professional golfer Phil Mickelson and Los Vegas bettor Billy Walters for possible insider trading, The Wall Street Journal reports.

The agencies are investigating whether Mickelson and Walters made trades based on private information Icahn provided about his company's own investments in public companies. In particular, they seek to learn if Icahn gave tips to Walters, who in turn may may have passed a tip onto Mickelson on at least one occasion.

Icahn told The Journal he was unaware of an investigation and that he did not know who Mickelson was. Mickelson's lawyer told the publication his client was not under investigation, and Walters declined to comment. The probe comes as the government continues to crack down on insider trading.

PHOTOS: 35 of 2014's Most Anticipated Movies

Icahn, known for being an activist investor, made hundreds of millions of dollars with a bet on Netflix and last year took a large stake in Apple. Viacom, Time Warner, Blockbuster, Lionsgate, Take-Two Interactive Software and MGM are among the media and entertainment companies he has owned through the years.

Icahn is worth $23 billion and is the 27th richest man in the world, according to Forbes. His investment fund returned 31 percent in 2013 and stock in his Icahn Enterprises rose more than 50 percent in the last year.

Reps for Icahn and Michelson did not immediately respond to The Hollywood Reporter's requests for comment. Walters could not immediately be reached.

comments powered by Disqus